Earlier this month at the Builder & Developer Luncheon on March 6, I had the opportunity to walk through the latest housing data for the Des Moines metro and discuss what the numbers suggest about where our market is in the current cycle. This blog provides a recap of that presentation. The full slide deck and detailed statistics are included below for those who want to explore the data more deeply.
A Market Settling Into a Sustainable Rhythm
When we step back and look at the Des Moines metro housing market heading into early 2026, the data doesn’t point to a market in distress. Instead, it reflects a market that has moved off the intense pace of the past few years and is settling into a more sustainable rhythm — what many would describe as a soft landing.
Inventory: Growing But Still Relatively Tight
Inventory has grown, but it remains relatively tight by historical standards. Today the metro has 2,144 active single-family listings, which equates to about a 3.1-month supply. While buyers now have more options than they did during the pandemic years, we are still below the six-month level that is typically considered a fully balanced market.
New construction inventory tells a slightly different story. The metro currently has 955 active new construction homes, representing roughly 6.4 months of supply. That figure is almost identical to last year. New construction now accounts for about 45% of total available inventory, which may sound high but is actually consistent with the Des Moines market prior to the pandemic.
From 2021 through 2023, resale inventory dropped dramatically as homeowners stayed put after locking in historically low mortgage rates. During that period, new construction made up nearly 70% of total inventory. What we’re seeing today is simply a gradual return to a more typical mix between resale and new construction.
Resale inventory is the segment showing the biggest shift. Active listings have increased steadily over the past two years — from 1,530 in February 2024, to 1,998 in February 2025, and now 2,144 today. More homeowners are beginning to list again, which is helping restore balance without overwhelming the market.
Demand and Sales: Steady and Resilient
Demand has remained steady as well. The metro currently has 1,034 pending sales, compared to 1,087 at this time last year. Buyers are still active, though they are understandably more selective and more sensitive to monthly payment levels than they were during the ultra-low-rate environment.
Looking at overall sales, the Des Moines market continues to show resilience. Total home sales peaked at 11,153 in 2021 before adjusting as interest rates rose. Since then, activity has begun to stabilize. 2025 closed with 8,378 total home sales, up from 7,877 in 2024 and 7,718 in 2023, suggesting that the buyer pool is gradually widening again.
New construction sales have remained fairly consistent. In 2025, the MLS recorded 1,853 new construction home sales, compared to 1,894 the year prior. Builders are now operating in a more normalized environment — not the rapid pace of the pandemic years, but still supported by steady demand.
Builder Market Share: A Concentrated Mix
Builder market share in the Des Moines metro remains concentrated among a handful of companies. D.R. Horton led the market in 2025 with 509 MLS sales, representing roughly 27.5% market share. Other leading builders include Jerry’s Homes, Greenland Homes, Hubbell Homes, and Sage Homes, highlighting a mix of national scale and strong local builders that continues to shape the market.
Pricing Trends and Affordability
Pricing trends show a similar pattern of normalization. The average new construction home price has climbed from about $338,000 in 2016 to roughly $457,000 today, a 35% increase over nine years, or approximately 3.4% annually. That rate of appreciation aligns closely with long-term national housing trends and inflation.
Resale pricing has risen more quickly over the same period. The average resale home price increased from approximately $198,000 in 2016 to about $338,000 today, nearly a 70% increase. The largest jump occurred in 2021, when extremely low interest rates and limited inventory drove values up more than 13% in a single year. Since then, appreciation has moderated to a more typical 4–5% annual pace.
Affordability remains an important factor for buyers, but there are early signs of improvement. Monthly principal-and-interest payments climbed sharply between 2020 and 2024 as both prices and interest rates rose. Over the past year, however, payments have begun to ease slightly as rates stabilize and price growth moderates.
Looking Ahead
Overall, the data suggests a housing market that has recalibrated rather than collapsed. Inventory has improved, demand remains active, and pricing growth has returned to more sustainable levels. If interest rates continue to stabilize and job growth remains strong, the Des Moines metro is well positioned to continue operating as one of the more stable housing markets in the country.
19th Annual Builder & Developer Luncheon — Full Presentation Slides
The complete slide deck from the March 6, 2026 Builder & Developer Luncheon is embedded below. You can scroll through all 36 slides directly in this page, or click here to open the full presentation in a new tab.
Complete Housing Market Statistics
The following tables contain the full data set presented at the luncheon, covering the Des Moines metro market snapshot, historical sales trends, builder market share, pricing, affordability, and community-by-community breakdowns.
Des Moines Metro Market Snapshot (As of February 2026)
| Metric | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|
| Total Active Listings | 1,530 | 1,998 | 2,144 |
| New Construction Active | 869 | 956 | 955 |
| Total Pending Sales | 1,058 | 1,087 | 1,034 |
| New Construction Pending | 377 | 382 | 343 |
| Total Sold (past 12 months) | 7,769 | 7,827 | 8,293 |
| New Construction Sold (past 12 months) | 1,784 | 1,888 | 1,801 |
| Total Months Supply | 2.4 | 3.1 | 3.1 |
| New Construction Months Supply | 5.8 | 6.1 | 6.4 |
New Construction Inventory as % of Total (February, Annually)
| Year | New SF Inventory | Total SF Inventory | % NC of Total |
|---|---|---|---|
| 2014 | 621 | 2,459 | 25% |
| 2015 | 636 | 2,291 | 28% |
| 2016 | 669 | 1,942 | 34% |
| 2017 | 781 | 1,843 | 42% |
| 2018 | 913 | 1,961 | 47% |
| 2019 | 951 | 2,132 | 45% |
| 2020 | 757 | 1,970 | 38% |
| 2021 | 625 | 1,031 | 61% |
| 2022 | 726 | 1,015 | 71% |
| 2023 | 1,018 | 1,457 | 70% |
| 2024 | 869 | 1,530 | 57% |
| 2025 | 956 | 1,998 | 48% |
| 2026 | 955 | 2,144 | 45% |
History of Total Sold & New Construction Sold (2014–2025)
| Year | Total Sold | NC Sold | NC % of Total |
|---|---|---|---|
| 2014 | 7,653 | 1,217 | 16% |
| 2015 | 8,795 | 1,456 | 17% |
| 2016 | 9,301 | 1,517 | 16% |
| 2017 | 9,438 | 1,680 | 18% |
| 2018 | 9,095 | 1,575 | 17% |
| 2019 | 8,877 | 1,544 | 17% |
| 2020 | 10,537 | 2,133 | 20% |
| 2021 | 11,153 | 2,326 | 21% |
| 2022 | 9,379 | 2,099 | 22% |
| 2023 | 7,718 | 1,771 | 23% |
| 2024 | 7,877 | 1,894 | 24% |
| 2025 | 8,378 | 1,853 | 22% |
Builder Market Share — Des Moines Metro (2025 MLS Sales)
| Builder | Homes Sold | Market Share |
|---|---|---|
| D.R. Horton | 509 | 27.5% |
| Jerry’s Homes | 239 | 12.9% |
| Greenland Homes | 194 | 10.5% |
| Hubbell Homes | 138 | 7.4% |
| Sage Homes | 110 | 5.9% |
| KRM/Tanzanite | 87 | 4.7% |
| Destiny/Genesis Homes | 86 | 4.6% |
| Kimberley Development | 48 | 2.6% |
| Other Builders | 442 | 23.9% |
New Construction Top Cities Sold (2025)
| City | NC Homes Sold | % of Metro Total |
|---|---|---|
| Ankeny | 366 | 20% |
| Waukee | 335 | 18% |
| Urbandale | 218 | 12% |
| Norwalk | 165 | 9% |
| Altoona | 140 | 8% |
| Other Cities | 629 | 34% |
Average New Construction Sale Price (2016–2025)
| Year | Avg NC Sale Price | YoY Change |
|---|---|---|
| 2016 | $338,000 | +4% |
| 2017 | $349,000 | +3% |
| 2018 | $343,000 | -2% |
| 2019 | $346,000 | +1% |
| 2020 | $340,000 | -2% |
| 2021 | $372,000 | +9% |
| 2022 | $433,000 | +16% |
| 2023 | $447,000 | +3% |
| 2024 | $449,000 | <+1% |
| 2025 | $457,000 | +2% |
Average Resale Home Price (2016–2025)
| Year | Avg Resale Price | YoY Change |
|---|---|---|
| 2016 | $198,286 | +5.2% |
| 2017 | $208,715 | +5.3% |
| 2018 | $218,675 | +4.8% |
| 2019 | $230,329 | +5.3% |
| 2020 | $247,554 | +7.5% |
| 2021 | $280,415 | +13.3% |
| 2022 | $295,497 | +5.4% |
| 2023 | $308,721 | +4.5% |
| 2024 | $323,897 | +4.9% |
| 2025 | $337,723 | +4.3% |
Housing Affordability — New Construction (20% Down Payment)
| Year | Interest Rate | Avg NC Sales Price | Est. P&I Monthly Payment |
|---|---|---|---|
| 2009 | 5.04% | $229,222 | $998 |
| 2010 | 4.69% | $228,689 | $947 |
| 2011 | 4.45% | $244,632 | $985 |
| 2012 | 3.66% | $266,416 | $976 |
| 2013 | 3.65% | $293,434 | $1,073 |
| 2014 | 4.17% | $315,977 | $1,231 |
| 2015 | 3.85% | $326,382 | $1,224 |
| 2016 | 3.65% | $338,865 | $1,240 |
| 2017 | 3.99% | $349,008 | $1,331 |
| 2018 | 4.54% | $343,349 | $1,398 |
| 2019 | 3.94% | $346,331 | $1,131 |
| 2020 | 3.11% | $340,631 | $1,165 |
| 2021 | 2.96% | $372,155 | $1,248 |
| 2022 | 5.34% | $433,045 | $1,932 |
| 2023 | 6.80% | $447,290 | $2,332 |
| 2024 | 6.90% | $449,028 | $2,365 |
| 2025 | 6.66% | $456,673 | $2,350 |
| Today | 5.75% | $458,000 | $2,153 |
Townhomes & Condos Market Snapshot
| Metric | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|
| Total Active | 447 | 495 | 606 | 677 |
| NC Active | 324 | 331 | 337 | 311 |
| Total Pending | 281 | 257 | 222 | 190 |
| NC Pending | 108 | 101 | 65 | 68 |
| Total Sold (past 12 months) | 2,233 | 1,881 | 1,817 | 1,861 |
| NC Sold (past 12 months) | 554 | 564 | 471 | 414 |
| Total Months Supply | 2.5 | 2.6 | 4.0 | 4.4 |
| NC Months Supply | 7.0 | 7.0 | 8.6 | 9.0 |
Des Moines Metro Community Breakdown (2023–2025)
The following tables show permits pulled, lots developed, new construction sold, available inventory, and months of supply for each community in the Des Moines metro.
Adel
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 108 | 75 | 72 |
| Final Plats | 0 | 0 | 1 |
| Lots Developed | 0 | 0 | 44 |
| NC Sold | 48 | 58 | 69 |
| NC Available | 30 | 43 | 29 |
| NC Months Supply | 7.5 | 8.9 | 5.4 |
Altoona
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 139 | 186 | 151 |
| Final Plats | 6 | 5 | 4 |
| Lots Developed | 110 | 229 | 96 |
| NC Sold | 138 | 133 | 140 |
| NC Available | 50 | 75 | 65 |
| NC Months Supply | 4.3 | 7.1 | 5.7 |
Ankeny
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 500 | 481 | 365 |
| Final Plats | 10 | 8 | 6 |
| Lots Developed | 600 | 572 | 306 |
| NC Sold | 312 | 366 | 366 |
| NC Available | 152 | 160 | 148 |
| NC Months Supply | 5.8 | 5.2 | 4.8 |
Bondurant
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 72 | 0 | 0 |
| NC Sold | 95 | 91 | 73 |
| NC Available | 52 | 52 | 39 |
| NC Months Supply | 6.6 | 6.9 | 6.8 |
Carlisle
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 13 | 17 | 10 |
| Final Plats | 0 | 0 | 0 |
| Lots Developed | 0 | 0 | 0 |
| NC Sold | 24 | 8 | 6 |
| NC Available | 4 | 5 | 3 |
| NC Months Supply | 2.0 | 7.5 | 6.0 |
Clive
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 150 | 107 | 40 |
| Final Plats | 2 | 0 | 0 |
| Lots Developed | 146 | 0 | 0 |
| NC Sold | 69 | 77 | 52 |
| NC Available | 42 | 36 | 27 |
| NC Months Supply | 7.3 | 5.6 | 6.5 |
Cumming
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 8 | 14 | 48 |
| Final Plats | 0 | 1 | 1 |
| Lots Developed | 0 | 25 | 30 |
| NC Sold | 6 | 5 | 9 |
| NC Available | 3 | 4 | 4 |
| NC Months Supply | 6.0 | 12.0 | 4.8 |
Des Moines
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 171 | 190 | 172 |
| Final Plats | 3 | 5 | 2 |
| Lots Developed | 82 | 130 | 67 |
| NC Sold | 111 | 130 | 121 |
| NC Available | 54 | 65 | 66 |
| NC Months Supply | 5.8 | 5.8 | 6.5 |
Granger
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 16 | 35 | 17 |
| Final Plats | 2 | 1 | 0 |
| Lots Developed | 77 | 43 | 0 |
| NC Sold | 21 | 21 | 16 |
| NC Available | 9 | 9 | 15 |
| NC Months Supply | 5.1 | 4.9 | 9.4 |
Grimes
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 36 | 44 | 71 |
| Final Plats | 1 | 1 | 3 |
| Lots Developed | 50 | 63 | 286 |
| NC Sold | 37 | 34 | 46 |
| NC Available | 22 | 24 | 32 |
| NC Months Supply | 7.1 | 8.7 | 8.2 |
Indianola
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 58 | 34 | 68 |
| Final Plats | 0 | 3 | 0 |
| Lots Developed | 0 | 96 | 0 |
| NC Sold | 34 | 56 | 33 |
| NC Available | 25 | 12 | 18 |
| NC Months Supply | 8.8 | 2.7 | 6.0 |
Johnston
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 126 | 96 | 98 |
| Final Plats | 2 | 4 | 3 |
| Lots Developed | 74 | 74 | 68 |
| NC Sold | 72 | 52 | 34 |
| NC Available | 25 | 26 | 50 |
| NC Months Supply | 4.2 | 6.4 | 18.8 |
Norwalk
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 136 | 234 | 151 |
| Final Plats | 1 | 2 | 6 |
| Lots Developed | 78 | 38 | 236 |
| NC Sold | 127 | 150 | 165 |
| NC Available | 58 | 87 | 66 |
| NC Months Supply | 5.5 | 6.7 | 5.0 |
Pleasant Hill
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 48 | 23 | 34 |
| Final Plats | 5 | 4 | 2 |
| Lots Developed | 78 | 75 | 20 |
| NC Sold | 18 | 39 | 14 |
| NC Available | 24 | 9 | 10 |
| NC Months Supply | 16.0 | 2.7 | 9.2 |
Polk City
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 22 | 89 | 59 |
| Final Plats | 1 | 2 | 0 |
| Lots Developed | 43 | 46 | 0 |
| NC Sold | 50 | 29 | 40 |
| NC Available | 25 | 21 | 20 |
| NC Months Supply | 6.0 | 9.7 | 5.7 |
Urbandale
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 192 | 304 | 311 |
| Final Plats | 6 | 8 | 3 |
| Lots Developed | 311 | 253 | 198 |
| NC Sold | 124 | 198 | 218 |
| NC Available | 90 | 104 | 116 |
| NC Months Supply | 8.7 | 6.1 | 6.9 |
Van Meter
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 39 | 39 | 21 |
| Final Plats | 1 | 1 | 1 |
| Lots Developed | 23 | 47 | 25 |
| NC Sold | 20 | 16 | 22 |
| NC Available | 4 | 8 | 5 |
| NC Months Supply | 2.4 | 6.4 | 2.7 |
Waukee
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 411 | 411 | 365 |
| Final Plats | 11 | 11 | 1 |
| Lots Developed | 291 | 440 | 24 |
| NC Sold | 312 | 324 | 335 |
| NC Available | 140 | 172 | 188 |
| NC Months Supply | 5.4 | 6.3 | 6.9 |
West Des Moines
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 112 | 128 | 180 |
| Final Plats | 6 | 2 | 8 |
| Lots Developed | 153 | 54 | 230 |
| NC Sold | 95 | 73 | 94 |
| NC Available | 42 | 37 | 41 |
| NC Months Supply | 5.3 | 6.3 | 4.8 |
Des Moines Metro Totals (2023–2025)
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permits Pulled | 2,258 | 2,621 | 2,294 |
| Final Plats | 61 | 60 | 45 |
| Lots Developed | 1,979 | 2,138 | 1,751 |
| New Construction Sold | 1,784 | 1,894 | 1,853 |
| New Construction Available | 869 | 956 | 955 |
| NC Months Supply | 5.8 | 6.1 | 6.4 |
Metro Totals — Lots Developed vs. Permits Pulled (8-Year History)
| Year | Lots Developed | Permits Pulled |
|---|---|---|
| 2018 | 2,508 | 2,433 |
| 2019 | 2,803 | 2,208 |
| 2020 | 2,838 | 3,187 |
| 2021 | 3,194 | 3,453 |
| 2022 | 3,502 | 2,376 |
| 2023 | 1,979 | 2,258 |
| 2024 | 2,138 | 2,621 |
| 2025 | 1,751 | 2,294 |
| 8-Year Total | 20,713 | 20,830 |
| 8-Year Average | 2,589 | 2,603 |
Data sourced from the Des Moines MLS and presented at the 19th Annual Builder & Developer Luncheon, March 6, 2026.
