Housing prices and property values in Cedar Rapids and Linn County are increasing
CEDAR RAPIDS, Iowa (KCRG) - A mix of low-interest rates, a seller’s market, and a derecho are creating a hot housing market in Cedar Rapids and Linn County.
The result is rising home prices, which will result in higher evaluations from the county and city assessor. Those higher evaluations might affect property taxes, but that’s not guaranteed.
Raymond Siddell, who is a registered realtor with Keller Williams Legacy Group, said the increase is happening because of a supply and demand issue. He said there isn’t enough supply for the current demand, therefore prices are going up. He also said many houses are going off the market quickly and above their listing price.
“It’s insane,” Siddell said. “You got houses that would have been worth $210,000 last year and they’re worth $250,000 this year.”
That’s about a 20% increase and Linn County Assessor Jerry Witt said they’re seeing similar data across Linn County. He said the increase in housing prices means people can get expect their property value to increase this year as well.
“If anybody is paying attention, whatsoever, they know,” Witt said. “But, a lot of people aren’t if they don’t plan on moving.”
Julie Carson, who is the assessor for the city of Cedar Rapids, said she’s seeing a similar increase as well. She said the median residential home will increase its value this year by 8%.
Both Witt and Carson said they don’t have enough sale data to change the values of bars, hotels, and restaurants. In Polk County, KCCI reported property values for those businesses dropped 30% during the pandemic.
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