Des Moines Real Estate: Recent Sales & 7.3% Apartment Vacancy Rate

Recent real estate transactions in the Greater Des Moines area indicate continued activity across different price points, while a surge in multifamily construction is impacting the rental market. These developments, recorded between January 20th and January 22nd, offer a snapshot of the region’s evolving property landscape.

Residential Sales

Altoona Property Transfer

The Jodie Hawley Trust purchased a nearly 9-acre property at 4175 NE 64th St. in Altoona from the Ferris Living Trust for $1.15 million. The parcel includes a 2,464-square-foot house built in 1963, a smaller 600-square-foot house from 1966, a steel stable structure, and a metal utility building. The transaction was officially recorded on January 20th.

Clive Home Sale

Adam and Mariah Haynes acquired a property at 3834 NW 177th Court in Clive from Clayton and Chelsy Garrels for $2.3 million. The recently constructed two-story home spans 3,732 square feet and was completed in 2022. This sale was recorded on January 22nd.

Did You Know? The Altoona property includes structures built in both 1963 and 1966, alongside more modern agricultural buildings.

Multifamily Market Trends

Vacancy Rate Increase

The Greater Des Moines area is experiencing a significant increase in multifamily development. CBRE Inc. reports that over 3,000 apartment units are currently under construction, with plans for an additional 4,800 units to begin construction within the next three years. This influx of new units is expected to impact vacancy rates.

At the end of 2025, the multifamily vacancy rate is projected to be 7.3%, according to the CBRE Inc. report. This suggests a potential shift in the rental market as supply increases.

Expert Insight: The substantial increase in multifamily construction suggests developers anticipate continued demand for rental housing in the Greater Des Moines area, but the projected rise in vacancy rates indicates a potential balancing of supply and demand.

Frequently Asked Questions

What was the highest-priced property sold in these transactions?

The property at 3834 NW 177th Court in Clive sold for $2.3 million, making it the highest-priced property in these transactions.

How many new apartment units are planned for the Greater Des Moines area?

More than 3,000 apartment units are currently being built, and an additional 4,800 units are planned to start construction over the next three years.

When was the property in Altoona originally built?

The property in Altoona includes a house built in 1963 and another built in 1966.

How might these development trends influence housing affordability in the Greater Des Moines area in the coming years?