Home Prices In The Twin Cities Holding Strong
As we welcome in 2016 many experts are predicting that we will continue to see growth in the housing market in the Twin Cities area and across the nation. We can expect to see a steady increase in home prices as they inch towards the numbers we last saw pre-recession.
At the end of 2015 we experienced the first rate hike in nearly a decade by the Federal Reserve, but this is not expected to slow down home sales in the Twin Cities. In fact, many are anticipating that home sales and prices will continue to rise in 2016. Last year we saw the median sale prices reach its highest level since the housing bubble burst.
Prior to the housing bubble burst home prices topped out in the middle of 2006 at an average of $231,500, and last year the median sale price topped out at $218,000.
The Twin Cities continues to struggle when it comes to the number of available inventory homes on the market. The supply of available homes fell by 17 percent last year. If you are considering selling your Twin Cities home in 2016, now is the time. Beat the competition in the spring and list your home on the market now while demand is still high and supply is low.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065