The Cedar Rapids and surrounding communities, Iowa real estate market has been strong in recent years, with home prices rising steadily and inventory remaining tight. According to the National Association of Realtors, the median home price in Cedar Rapids was $198,000 in September 2023. This represents a 4% increase from one year ago.

There are a number of factors contributing to the strong housing market in Cedar Rapids. One factor is the local economy. Cedar Rapids is home to a number of large employers, including Rockwell Collins, United Parcel Service, and Cargill. These companies provide good-paying jobs, which helps to attract new residents to the area.

Collins Aerospace

Transamerica

St Luke's Hospital

Mercy Medical Center Cedar Rapids

Nordstrom Direct

Quaker

Alliant Energy

General Mills

CRST International

GoDaddy

Another factor contributing to the strong housing market is the population growth in Cedar Rapids. The city's population has grown by 10% in the past decade. This population growth is putting a strain on the housing supply, which is driving up prices.

The tight inventory of homes for sale in Cedar Rapids is also driving up prices. According to the National Association of Realtors, there was a 1.3-month supply of homes for sale in Cedar Rapids in September 2023. This means that it would take 1.3 months to sell all of the homes on the market if no new homes were added. A six-month supply of homes is considered to be a balanced market.

The strong housing market in Cedar Rapids is expected to continue in the coming years. The local economy is expected to remain strong, and the population is expected to continue to grow. This will continue to put a strain on the housing supply, which will drive up prices.

As you can see, the median home price in Cedar Rapids has increased steadily over the past 30 years. This trend is expected to continue in the coming years.

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