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Cap Rate Signals

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Des Moines, IA.

FUNNEL2.30Limited coverage

Microsoft's $1B+ data center campus is already operational with 500+ jobs, joined by Google's $600M facility and Meta's $1B campus — all live and drawing specialized workers into Des Moines right now.”

Why This Market Fits

Des Moines, IA is in our pipeline — signals are early. Announcements without enough confirmation, or scale that doesn't justify near-term repricing.

Cap Rate Signals tracks confirmed corporate investment about to move workers into a metro before real estate pricing has adjusted. Our model flags Des Moines, IA as FUNNEL — monitor for qualifying milestones.

─── This is where it gets useful. ───

Below: 8 catalyst writeups, and full source chronology.

This is the part subscribers come for. It's where you go from Des Moines looks interesting to “buy these blocks, not those.”

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The Numbers

Median Home Price
$207K (Redfin city, Mar 2026 median sale price; Zillow ZHVI city-level typical value $191K same period)
Price vs National
-49% (Des Moines city $207K vs. NAR national median $408,800 (Mar 2026); deep affordability discount)
Pricing Trend (12 mo)
-1.0% YoY (Redfin city, Mar 2026 vs. Mar 2025; slight softening of transaction prices — note Zillow ZHVI shows +5.5% on typical-value basis same period; stable-to-flat trend overall)
Rent-to-Income
18% (Zumper city median rent $1,000/mo (Mar 2026) × 12 ÷ Census ACS 2024 city median HHI $65,932; low ratio = strong cash-flow runway)
Days on Market
46 days (Redfin city, Mar 2026 median DOM; up from 32 days a year ago — slack vs. ~45-day national norm, favorable entry leverage for buyer)
Inventory (months)
2.8 mo (Des Moines metro, Jan 2026 (Iowa REALTORS/DMAAR MLS via SmartMove DSM); seller's market territory but trending toward balance; inventory +15% YoY)
Distressed Sales
~0.02% (Iowa state-level proxy: 1 in every 4,222 housing units in foreclosure (ATTOM, Jan 2025); Des Moines MSA below ATTOM per-metro threshold — state rate used as conservative proxy; very low distress)
Population
212,759 (Des Moines city 2026 est.; Des Moines–West Des Moines MSA (6-county): 753,913 (U.S. Census ACS 2024 1-year))
Population Growth
+1.2% CAGR (MSA 5-yr CAGR est. (2019–2024, Census PEP); metro added 13,782 residents in 2024 alone — fastest nominal growth in Midwest per CoStar; city proper slightly declining (-0.08%/yr))
Employment Diversity
Diverse (BLS OEWS May 2024: top groups are office/admin (12.2%), sales (9.4%), biz/finance (9.3%); insurance underwriters 3.52× national concentration; also government (state capital), healthcare, tech, and construction (+10yr growth); no single-sector brittleness)
Regulation
Strongly landlord-friendly (Iowa has no statewide or local rent control; 3-day notice for nonpayment; no-fault eviction permitted; Iowa Code Ch. 562A governs; security deposit capped at 2 months rent; landlords freely set rents)

2-plex Price
$160K–$280K (Des Moines city 2-unit listings, active Apr–May 2026 (Redfin/Homes.com MLS data); median list ~$220K; older brick stock; multi-family full range $160K–$2.15M)

Verify · Single-family metrics, hand-populated first-pass. Multi-plex rows render only when sourced for this metro.

What's not here, and why

  • No catalyst stack. No investment in Des Moines currently meets our editorial bar (≥$250M and ≥500 jobs in a forward-repricing thesis). When one lands, it gets a full write-up here.
  • No submarket picks. Picks are anchored to a thesis — proximity to a specific catalyst node, school-district cohort, supply pressure. Without a thesis to score against, picks would be generic real-estate advice, not Cap Rate Signals.
  • No underwritten listings. Listings are modeled to the local thesis (cap rates, basis vs. submarket comps, exit assumptions). No thesis means no underwriting.