Is Drake, IA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Drake was a Seller's Market.
Key Takeaway
Drake is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Drake, IA
How much do homes in Drake, IA cost?
Median Sold Price
$230,000
$160/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Drake have sold for 7% more than they did a year ago.
Summary: The median home sold price in Drake was $230,000 in May 2024, up 7% from last year, and the median price per square foot was $160.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $70K | $116.5K | +66.4% |
| 2 Bedrooms | $160K | $191K | +19.4% |
| 3 Bedrooms | $221.5K | $234.7K | +6.0% |
| 4 Bedrooms | $255K | $289.8K | +13.7% |
| 5+ Bedrooms | $260K | $240K | -7.7% |
Summary: Drake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 66.4%, 2 bedroom homes increased by 19.4%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 13.7%, and 5+ bedroom homes decreased by 7.7%.
Median Sold Price Compared To Nearby Neighborhoods
| Mondamin Presidential | $85K | $147K | +72.9% |
| Drake | $215K | $230K | +7.0% |
Housing Supply in Drake, IA
How many homes are available in Drake, IA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 | 37 | -9.8% |
Summary: The Drake real estate market had 37 homes for sale in May 2024, a 9.8% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 15 | 9 | -40.0% |
| 3 Bedrooms | 10 | 14 | +40.0% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 8 | 5 | -37.5% |
Summary: The Drake housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 40%, 3 bedroom homes increased by 40%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes decreased by 37.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 6 | -60.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Drake, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Drake in May 2024, down by 60.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.
Days on Market for Drake, IA
How long does it take to sell a home in Drake, IA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 26 Days | 11 Days | -56.8% |
Summary: Homes in Drake had an average of 11 days on market in May 2024, down by 56.8% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Drake are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in Drake; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
