Market Monday~ Minnetonka School District

Market Monday~ Minnetonka School District~

The Real Estate Market in the Minnetonka School District has appreciated greatly over the last few years! The median sales price at the start of 2020 was just shy of $525,000, at the start of 2023 the median sales price was $666! We are now in May, 2023, what has happened with the market in the first 4 months of the year? The Median Sales Price in the Minnetonka School District was $675. The prices rose 1% or $9,000.  

What will happen in the remaining 8 months of the year? Will the market continue to appreciate? Will it crash? That is the million dollar question that everyone is asking. My answer is always the same. I lost my broom stick and crystal ball a while ago (insert laughter here). BUT... the number crunchers and statisticians of Real Estate and the Economy are all stating the same message. They predict small gains this year (1-2%). They predict that the rates will come down as the year passes. With the month supply of homes still low - a 1.8 month supply of homes. Their predictions are probable! A Healthy market, equal to buyer and seller, is a 5-6 month supply of homes. We have quite a ways to go to get there. 

We will continue to monitor and update you on the market conditions around the metro. Please reach out to me if you have specific questions on your market.