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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Cedar Rapids, IA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Cedar Rapids, IA Housing Market Trends

With 136,429 people, 58,283 houses or apartments, and a median cost of homes of $235,369, house prices in Cedar Rapids are solidly below the national average.

Single-family detached homes are the single most common housing type in Cedar Rapids, accounting for 62.55% of the city's housing units. Other types of housing that are prevalent in Cedar Rapids include large apartment complexes or high rise apartments ( 23.47%), duplexes, homes converted to apartments or other small apartment buildings ( 6.30%), and a few row houses and other attached homes ( 4.42%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cedar Rapids. Owner-occupied housing accounts for 67.87% of Cedar Rapids's homes, and 52.41% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Cedar Rapids built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cedar Rapids built between 1940-1969 ( 31.06%). A lesser amount of the housing stock also hails from between 2000 and later ( 20.24%). There's also some housing in Cedar Rapids built before 1939 ( 15.84%).

Cedar Rapids Home Appreciation Rates

Cedar Rapids's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Cedar Rapids during the period has been just 4.69%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Cedar Rapids's appreciation rate, at 6.97%, has been at or slightly above the national average. In the latest quarter, Cedar Rapids's appreciation rate has been 2.07%, which annualizes to a rate of 8.55%.

Relative to Iowa, our data show that Cedar Rapids's latest annual appreciation rate is higher than 60% of the other cities and towns in Iowa.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Cedar Rapids differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cedar Rapids - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cedar Rapids real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$235,369

Cedar Rapids, IA Home Prices
> $1,313,000
$984,001 - $1,313,000
$656,001 - $984,000
$525,001 - $656,000
$394,001 - $525,000
$262,001 - $394,000
$131,001 - $262,000
$66,001 - $131,000
$0 - $66,000
0.6%
0.6%
0.7%
0.7%
1.9%
1.9%
3.6%
3.6%
8.6%
8.6%
21.2%
21.2%
49.8%
49.8%
9.7%
9.7%
3.9%
3.9%
0% 100.0%
% of Homes
Average

for Iowa

Average

for nation

Number of Homes And Apartments:

58,283

Cedar Rapids Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,296 / per month

Homeownership Rate

Owners
Renters
67.9%
67.9%
32.1%
32.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.7%
7.7%
92.3%
92.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
20.2%
20.2%
32.9%
32.9%
31.1%
31.1%
15.8%
15.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
62.5%
62.5%
4.4%
4.4%
6.3%
6.3%
23.5%
23.5%
3.3%
3.3%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.0%
2.0%
11.1%
11.1%
30.4%
30.4%
36.7%
36.7%
15.7%
15.7%
4.1%
4.1%
0% 100.0%
% of Homes