With the holiday season officially in full swing, most of 2017 is in the books, making now a great time to look back at the year that was. Overall, it was a positive year for the Twin Cities housing market as both sales and home prices increased, all while interest rates still remained low.
Also noted by the Minneapolis Area Association of Realtors, more homes in the region sold in less time and closer to their original asking price as well, which of course is music to home sellers’ ears.
As for home prices specifically, it’s estimated that we’ll close the year around $245,500, which would be up nearly 6.5% compared to 2016. As alluded to above, Twin Cities area homes also only sat on the market for a quick 56 days, which is nearing a 14% decline from 2016.
Not surprisingly, inventory was also on the decline in 2016, and just over 9,000 homes were active on the market at the end of November, which represents a 24.1% drop. At the current sales pace, that’s only about a 1.8 months supply, which is the lowest level we’ve seen in at least 15 years.