Twin Cities Home Prices Reach an ALL TIME HIGH!!!

Twin Cities Home Prices Reach an ALL TIME HIGH!!! 

The record for the Median Sales Price in the Twin Cities was previously $238,000. Ten years later, this record is no longer. June 2016 set a new median sales price record at $242,000. 

Low inventory has helped to drive up the prices on homes. With not as many homes to pick from, sellers are selling at 98.7% of list price and in less time! The average days on market is now 55 days. Homes haven't sold this quickly since 2007! Traditional Sellers made up 95% of the sales! Foreclosures and Short Sales are still present in our market, but not at the rate that they once were. This has aided in the Real Estate Market Recovery as well. 

Low Unemployment Rates, more strict lending guidelines, raising rents and low interest rates are just a some of the reasons cited that Real Estate Experts aren't fearful of the increasing median sales  prices. 

Are you thinking about selling??? Are you wondering if it is too late to list this year? Are you wondering how school starting in a month will impact your ability to sell? All signs point to SELL, SELL, SELL.... now... Low inventory... increased median sales prices.... low market times.... YES, CALL ME TO DISCUSS YOUR MARKET AND TO GET YOUR HOUSE LISTED!!! 

To Read the full article from the Minneapolis Association of Realtors click here.