$6,886 Closing Credit*
$579,900
2,693 SqFt
4 Beds
•1 Full Bath, 1 Partial
MELANEE STANBROUGH, Listing Office: Iowa Realty Mills Crossing
Is Drake, IA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Drake has remained a Seller's Market.
Key Takeaway
Drake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Drake, IA
How much do homes in Drake, IA cost?
Median Sold Price
$232,500
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$17,500(+8.1%)
Key Takeaway
Homes in Drake have sold for 8.1% more than they did a year ago.
Summary: The median home sold price in Drake was $232,500 in October 2024, up 8.1% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $65.5K | $116.5K | +77.9% |
| 2 Bedrooms | $176.5K | $195.5K | +10.8% |
| 3 Bedrooms | $224K | $242.5K | +8.3% |
| 4 Bedrooms | $241.2K | $277.3K | +15.0% |
| 5+ Bedrooms | $241.5K | $237.5K | -1.7% |
Summary: Drake housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 77.9%, 2 bedroom homes increased by 10.8%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 15%, and 5+ bedroom homes decreased by 1.7%.
Median Sold Price Compared To Nearby Neighborhoods
| Drake | $215K | $232.5K | +8.1% |
| Woodland Heights | $211.5K | $191.2K | -9.6% |
| Mondamin Presidential | $160K | $115K | -28.1% |
Housing Supply in Drake, IA
How many homes are available in Drake, IA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 64 | 64 | 0.0% |
Summary: The Drake real estate market had 64 homes for sale in October 2024, the same as September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 15 | 15 | 0.0% |
| 3 Bedrooms | 19 | 24 | +26.3% |
| 4 Bedrooms | 15 | 11 | -26.7% |
| 5+ Bedrooms | 15 | 13 | -13.3% |
Summary: The Drake housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 26.3%, 4 bedroom homes decreased by 26.7%, and 5+ bedroom homes decreased by 13.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 13 | 12 | -7.7% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Drake, you may be able to get a good deal. 58.3% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Drake in October 2024, down by 7.7% month-over-month. Of the 12 sold homes, 58% were sold under asking, 25% were sold at asking, and 17% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 24 Days | 19 Days | -17.0% |
Summary: Homes in Drake had an average of 19 days on market in Oct 2024, down by 17% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Drake are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 12 homes were sold in Drake; 83% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
