Published October 22, 2026 in Market Update

Fast sales are still the story in this market

By JJ Johannes

Real estate, DOTW - CR Metro Under $400k

Rates are high. Freddie Mac put the 30-year fixed rate at 7.40% as of October 15, 2026. That is real, and buyers feel it. But here is what the numbers show: this market is still moving fast. The Real Estate Data Aggregator counted 1,161 homes sold across this market in the three months ending August 31, 2026. That is a lot of activity for a high-rate environment.

The speed numbers are the real story

In ZIP 52405 on the west side of Cedar Rapids, the Real Estate Data Aggregator put the median days on market at 5 days. In ZIP 52402, it was 6 days. Nearly 7 in 10 homes in 52405 went under contract within two weeks. That share, 69.6%, was up 11.4 points from a year before. These are not slow markets.

Median days on market: ZIP by ZIP

Not every ZIP moved at the same pace. The Real Estate Data Aggregator showed 52233 in Hiawatha at a median of 70 days, and 52314 in Mount Vernon at 59 days. Both were longer than a year before. So fast is the story in most of this market, but not all of it.

Prices are holding, and sellers are getting their number

In ZIP 52402, the Real Estate Data Aggregator put the median sale price at $217,000, up 7.4% from the same three months in 2025. In ZIP 52404, the median was $237,745, up 10.6%. Sellers in those ZIPs averaged 100.5% and 99.8% of list price. That means most homes sold at or above what they asked.

Above-list sales jumped in most ZIPs

The Real Estate Data Aggregator showed that in ZIP 52233 in Hiawatha, 55.1% of homes sold above list price. That share was up 40.5 points from a year before. In ZIP 52402, 43.8% sold above list, up 16 points. In ZIP 52405, 43.3% sold above list, up 6.1 points. Even with rates where they are, buyers are competing.

Supply is very tight in most of this market

The Real Estate Data Aggregator put months of supply in ZIP 52402 at 0.6 months. That is down 1.2 months from a year before. ZIP 52405 was at 0.8 months. ZIP 52403 was at 1.1 months. A balanced market is usually around 4 to 6 months. These ZIPs are well below that. Fewer homes for buyers to choose from means less time to decide.

What the wider picture adds

Nationally, Realtor.com reported that 20.8% of listings had price reductions in September 2026, the highest share since October 2022. That is the country, not Cedar Rapids. The Federal Housing Finance Agency reported U.S. house prices rose 2.6% from July 2025 to July 2026. Our local numbers from the Real Estate Data Aggregator show several Cedar Rapids ZIPs beating that by a wide margin.

CNBC reported that mortgage applications to purchase a home fell 7% for the week ending around October 21, 2026, and were 18% lower year over year. Buyers are feeling the rate pressure everywhere. But the Real Estate Data Aggregator counted 1,047 pending sales across this market in the three months ending August 31, 2026. Deals are still getting done here.

What this means if you are selling

Good prep and sharp pricing still give you a real edge. In the fastest ZIPs, the window between listing and offer is very short. Price it right on day one. Buyers in this market are paying attention.

What this means if you are buying

Timing matters as much as price. In ZIP 52405, the median was 5 days. In ZIP 52402, it was 6 days. If you see something you like, waiting a week to decide is a real risk in those ZIPs. Know your number before you go looking.