Home Sales High, Inventory Low in the Twin Cities

Twin Cities Real Estate MarketThe housing market in many different parts of the country was thriving in 2015 but here in the Twin Cities, last year was an especially busy time for the local real estate industry. According to the Minneapolis Area Association of Realtors, the Twin Cities saw the most homes close in a single year since 2005.

Statistics show buyers purchased 56,390 homes in 2015—a number that’s nearly 14% higher than 2014. In addition to the spike in sales, the average sales price for homes on the market in the Minneapolis-St. Paul metro area also increased substantially, ultimately rising to $220,000 from $205,600 just a year earlier.

Other notable real estate stats from 2015 include a 26.7% decline in distressed sales, accounting for only about 10.6% of all closed sales last year. And despite sellers actually listing the most homes since 2010, inventory all throughout the Twin Cities area is lacking with supply at the end of 2015 only at 2.1 months. For reference, normal market conditions reflect about a 6 month inventory of homes on the market at the current sales pace.

Need to sell your home?

Find out how much it will sell for today!

Check your equity now in 60 seconds
Kris Lindahl Real Estate

Home of the one day listing contract

Leave a comment

Buying a Condo: 4 Reasons It’s Better Than a House

Homebuyers are faced with lots of options! Many people might feel stuck when choosing between condos, townhomes, and single-family homes. Detached homes are often the go-to, which causes buyers to overlook many of the amazing condos for sale in their area. Condominiums offer many unique advantages in the great house vs condo debate. They’re often […]

Continue Reading

Best First Home: Single-Family Home vs Townhouse vs Condo

Real estate remains one of the best investments a person can make in their lifetime. The property builds up equity over time, putting the investor’s money to work for them. If they choose to rent the property to someone else, the rent checks pay the mortgage and might even provide passive income over and above […]

Continue Reading

Suburbs Closest to Minneapolis-Saint Paul International Airport: Guide For Frequent Flyers

The city of St. Paul and city of Minneapolis are bustling hubs of culture and commerce. Those who want to live just outside the area while still having easy access to the Minneapolis-St. Paul International Airport (MSP) have many excellent suburbs to explore. From affordable housing and amazing shopping to picturesque parks and historic sites, […]

Continue Reading