L
uxury real estate in the Des Moines metro has reached unprecedented heights, with top-end homes selling for staggering sums. A decade ago, only eight homes fetched over $1 million, but by 2024, that number had skyrocketed to a record-breaking 95 listings. The most expensive home sold in 2013 was a Glen Oaks Country Club estate valued at $1.52 million, boasting 5,122 square feet of living space and four bedrooms.
Fast-forward to 2024, when the priciest property changed hands for a whopping $5.4 million. This eye-watering figure represents a 3.5-fold increase from its 2013 counterpart, outpacing the metro's median home sales price growth by nearly two times. The Des Moines Area Association of Realtors reports that the 2013 median price was $164,500, rising to $299,900 in 2024 – an impressive but relatively modest gain.
The surge in seven-figure listings is a testament to the area's growing affluence and desirability. Les Sulgrove, a former Des Moines Area Association of Realtors president and market analyst, notes that the first $1 million home sale occurred in 1993. Today, luxury buyers can choose from an array of high-end properties, each with its unique features and amenities.
Some notable examples include:
* A 2014 South of Grand mansion sold for $1.63 million to a company owned by businessman Jim Cownie, featuring a pool, tennis court, and 7,881 square feet of living space.
* In 2020, a Brookview Drive estate in Urbandale changed hands for $2 million, boasting a theater room, wine cellar, and exercise room. This property also sold again in 2024 for $3.15 million.
* The 2021 sale of a Tulip Tree Lane home in West Des Moines fetched $5.3 million, with features like five bedrooms, 11 bathrooms, and a full bar and kitchen in the basement.
These high-end transactions demonstrate the growing demand for luxury real estate in the Des Moines metro, driven by factors such as economic growth, demographic shifts, and changing consumer preferences. As the area continues to evolve, it will be interesting to see how the luxury market adapts and responds to these trends.
