Prior to the recession, the condo market in downtown Minneapolis was booming. New projects were being announced seemingly faster than ever and contracts were being signed at lightning fast paces. But like in most markets across the U.S., the housing crash changed things dramatically and the downtown Minneapolis real estate market overall took a pretty hard hit.
Today, the nation’s residential real estate market has rebounded quite nicely since the worst of the downturn and condos are once again the talk of downtown Minneapolis. According to recently released numbers, the median sales price for a condo unit in the heart of Minneapolis has jumped 22% since 2011, and demand seems stronger than ever before.
Naturally, the one major hurdle facing many of today’s potential condo buyers in Minneapolis is an extreme lack of inventory, which is driving prices up and keeping some would-be buyers from entering the marketplace. As noted in a MinnPost.com piece earlier in the week, many transactions are also getting done before units even hit the MLS, making it that much harder for even the most motivated buyers to secure a place that seemingly fits all their needs and wants.
As of now, Shamrock Development is currently developing the 112-unit Portland Tower and also working on another potential project that could bring 374 new condos over to the Mill District. Along with that, Alatus LLC is also building a 40 story luxury condo tower, but even with these three mega-projects already in the works, inventory is still much too low for how high demand continues to get for condos in downtown Minneapolis.
If you’re in the market for a new condo in town, don’t delay any longer. Call one of our downtown Minneapolis real estate pros now for help not only finding the perfect new place to live but to also ensure you don’t miss out on something during such a crazy time for the Minneapolis real estate market!