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Neighborhoods in Iowa City with the most expensive home sales

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June 3, 2022
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Neighborhoods in Iowa City with the most expensive home sales

After home prices climbed by a record-setting 16.9% nationwide in 2021, the market was met with another stunning statistic in April 2022: 11 American metros now have a median home sold price of more than $500,000. The half-million dollar average sale price metric comes from an OJO Labs survey of March home sales. Nationwide, the median sales price of a home reached $392,750 as of mid-April 2022.

In historically wealthy cities and those with more modest home prices, the trajectory is the same: Prices keep going up even as mortgage rates spike. Causes for the price jumps are mirrored across the country. A long-term housing shortage that began after the Great Recession was exacerbated by supply chain disruptions that made it harder to source construction material, which affected virtually all housing markets. Another factor that has driven up prices is the rise of investors that have entered the market. In many regions including Charlotte, North Carolina, investment firms are buying up huge swaths of single-family homes.

In smaller cities and towns, traditionally lower population numbers were met with a swell of households moving away from big cities during the coronavirus pandemic, driving competition up for housing. Record-low mortgage rates were another reason for an exploding number of buyers, although rising rates don’t seem to be doing much to slow bidding wars in many metros.

Real estate platform ZeroDown analyzed its data on home listings to determine the most expensive neighborhood in Iowa City, based on homes sold between March 18, 2022 and April 18, 2022. Neighborhoods are ranked by the median home price per square foot.

Read on to see your city’s most expensive neighborhoods or see the national story which features neighborhoods in 20 metros here.

#10. Mormon Trek Village
- Median Home Price: $334,705 ($173 per square foot)
- Median Rent: $1,040
- Population: 27
- Walk Score: 25
- Bike Score: 46
- Transit Score: 25

#9. Shimek
- Median Home Price: $250,447 ($184 per square foot)
- Median Rent: $850
- Population: 1,152
- Walk Score: 27
- Bike Score: 51
- Transit Score: not available

#8. Peninsula Area
- Median Home Price: $479,742 ($190 per square foot)
- Median Rent: $852
- Population: 960
- Walk Score: 18
- Bike Score: 48
- Transit Score: 31

#7. Goose Town
- Median Home Price: $285,216 ($201 per square foot)
- Median Rent: $1,068
- Population: 3,760
- Walk Score: 71
- Bike Score: 82
- Transit Score: 50

#6. Wetherby
- Median Home Price: $306,509 ($202 per square foot)
- Median Rent: $866
- Population: 840
- Walk Score: 29
- Bike Score: 75
- Transit Score: 24

#5. Longfellow
- Median Home Price: $267,534 ($210 per square foot)
- Median Rent: $1,028
- Population: 5,407
- Walk Score: 53
- Bike Score: 57
- Transit Score: 37

#4. Lucas Farms
- Median Home Price: $200,186 ($232 per square foot)
- Median Rent: $1,209
- Population: 1,220
- Walk Score: 62
- Bike Score: 77
- Transit Score: 28

#3. Eastside
- Median Home Price: $264,872 ($232 per square foot)
- Median Rent: $905
- Population: 4,187
- Walk Score: 52
- Bike Score: 54
- Transit Score: 24

#2. Manville Heights
- Median Home Price: $479,742 ($248 per square foot)
- Median Rent: $993
- Population: 1,044
- Walk Score: 30
- Bike Score: 69
- Transit Score: 53

#1. Walnut Ridge
- Median Home Price: $1,304,075 ($401 per square foot)
- Median Rent: $1,040
- Population: 136
- Walk Score: 1
- Bike Score: 25
- Transit Score: 34

This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.

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