Technology TransactionsHot Market: Cedar Rapids Prices Grow and Grow
Cedar Rapids, Iowa has been one of those housing markets that doesn’t get a lot of attention because it’s so stable. But in a world of tumbling home prices, foreclosures and short sales, stability is the name of the game.
Currently the median sales price of a home in the region stands at $133,000 -- up nearly 13 percent over the last four years and 4.4 percent higher than a year ago, according to the Cedar Rapids Area Association of Realtors. The home prices have continued their upward trend and for good reason.
The Chamber of Commerce reports Cedar Rapids plays home to a thriving business community of "275 different manufacturing plants; some two dozen Fortune 500 companies; international exports reaching record numbers and ties with companies from around the world" on nearly every continent around the globe.
Business leaders, decades ago, put in a plan called Priority One geared toward creating a diverse economy. The chamber’s report on Priority One says, "The resulting focus on economic development has ballooned area employment to record levels, driven unemployment to historic lows, recruited new companies to the area and assisted many existing businesses with expansions."
As with any real estate market, its strength lies in its strong, developing economy, which means jobs and homes are where the jobs go at night.