Metropolitan home prices hit median selling price of $ 342,500
How far can house prices go? The latest stats for each month show a clear trend: higher, higher, higher.
The median selling price of homes in the Twin Cities rose to $ 342,500 in May, an increase of 16.1% from May 2020. This is according to the latest figures released Wednesday by real estate agents in the area. of Minneapolis and the St. Paul Area Association of Realtors.
Pending sales rose 15.7% in May; closed sales rose 15.4 percent for the month.
How fast can homes sell? Again, according to the trend of statistics, the answer is: faster, faster, faster.
During the month of May, homes were on the market for a median of just seven days.
âHalf of all listings in the Twin Cities have an offer accepted within a week,â Tracy Baglio, president of the Saint Paul Area Association of Realtors, said in a statement. “As the summer season begins to develop, buyers must continue to be prepared to make firm decisions and solid offers on a home.”
One of the reasons prices keep going up is that there are more buyers than sellers in the market today. It has become common for ads to generate multiple offers. In many cases, buyers are willing to forgo inspections and the unexpected in an effort to win the auction battle.
According to the latest figures, the Twin Cities only have a month’s inventory of homes on the market for sale. A four to six month supply is generally considered a balanced market.
Sales of single-family homes in the city of Minneapolis increased 42.1% in the city of Minneapolis and 16.7% in St. Paul. Fears that people will abandon central cities altogether amid social unrest and other concerns have not been confirmed by market statistics.
TCBsister publication of Magazine Mpls.St. Paul recently took a closer look at some of the factors that determine current subway real estate trends.