This summer, the Twin Cities housing market trends have been all about breaking records. Now that the data is in, it’s no surprise that June proved to be another record-breaking month for home prices and market growth in the Minneapolis - St. Paul region.
According to a recent report from the Minneapolis Area Association of Realtors, the median sales prices for homes in the Twin Cities area reached heights not seen since 2006—an impressive feat. Not to mention, that year-to-year growth also posted inspiring numbers: a 5.3% increase in the median home sales price, up from this time last year. In other good news, the amount of closed sales topped out at a twelve-year high, with buyers signing 6,175 new contracts and closed sales reaching 7,094.
So what does this mean for homebuyers and sellers in the Twin Cities and Eden Prairie areas? For starters, these figures indicate a burgeoning market with a strong upward trajectory. Whether you’re aiming to buy your first home, sell your home, or move on to your dream property, there’s encouraging factors for all. Any potential buyers out there can surely relish the extremely low mortgage interest rates currently available. With the Fed holding off on raising mortgage interest rates for now, it’s an excellent window in which to take advantage of these historic mortgage rate lows.
Those interested in selling their Twin Cities area home can rest assured that the market is eager for properties. In fact, homes are selling at a speed not seen since 2007. Combine getting top dollar for your home and the opportunity of a low mortgage rate, and transitioning to your next home will be seamless.
Take it from the President of the Minneapolis Area Association of Realtors, Judy Shields, who describes current Twin Cities housing trends like this: "This market is grounded in good fundamentals: supply and demand, smarter lending standards, job and wage growth, population growth, healthier household finances, and rising rent.”
Whether you are interested in buying or selling a home in Minneapolis, this August provides an unmatched opportunity to take part in the American Dream of homeownership. With housing market figures posting stronger than ever, the signs are clear: this year is the year to land a home that’s all your own.
At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So, if you’re considering buying or selling your Eden Prairie area home this summer, now is the time to enlist the help of a real estate professional who can help you make the most of this season’s extraordinary market.