Davenport, the third largest city in Iowa, has one of the worst real estate markets

Buying a house at this time has become a great challenge due to high interest rates that today reach their highest in 22 years. Therefore, if you are considering buying a house in Davenport, Iowa, you will encounter a 30-year fixed mortgage rate between 7% and 8%.

Due to these high rates and other factors such as foreclosures and lack of housing, Davenport has been labeled as one of the worst small real estate markets in the United States, and the worst in the entire state of Iowa, according to a recent report from a major media outlet.

When asked: Why does Davenport rank so low?, a big answer is that no market in the country is thriving at the moment.

Regarding the ranking, among the 132 small cities in the United States that are part of the report, Davenport is near the bottom at position 126, ranking as the eighth worst small real estate market in the nation.

Davenport scores low in several categories analyzed in the report conducted by WalletHub. Here is how it stands in various U.S. real estate market metrics.

Rank 276 in the proportion of mortgages seriously in trouble 

Rank 273 in median home price appreciation 

Rank 242 in employment growth rate 

Rank 201 in foreclosure rate 

Rank 292 in the percentage of delinquent mortgage holders

And if we compare Davenport with other cities in Iowa, unfortunately, Davenport is the worst real estate market in the state among those listed, considering that the other Iowa markets also did not perform well.

Overall, Davenport ranks 279th as the best real estate market out of 300 cities, making it the 21st worst in the United States.

Other Iowa cities like Cedar Rapids and Des Moines also appeared on this list, but their rankings were not impressive. According to WalletHub, Des Moines, the capital of Iowa, was ranked as the 261st real estate market, while Cedar Rapids was ranked 253rd.

And to talk a little about some real estate markets in the neighboring state of Illinois, they also did not perform well, as the only real estate market in Illinois that ranked better than 200th was Naperville, at 188th.

Here is how other Illinois markets fared in the study:

Rank 263: Rockford 

Rank 268: Aurora 

Rank 276: Springfield 

Rank 290: Chicago 

Rank 295: Peoria

In fact, three Illinois markets are among the 20 worst real estate markets, and Peoria is the second worst small real estate market.

Available Foreclosures:

Davenport: 15 homes available. 

Cedar Rapids: 10 homes available. 

Des Moines: 12 homes available. 

Naperville: 8 homes available. 

Rockford: 14 homes available. 

Aurora: 9 homes available. 

Springfield: 13 homes available. 

Chicago: 20 homes available. 

Peoria: 18 homes available.

By Elías DaSilva | 04 de Noviembre de 2024.