Who said the summer season is a slow time for the Twin Cities real estate market? With August now coming to a close, home prices in St. Paul and the surrounding area area up, homes are selling faster, and inventory remains low as we head into the fall market.
According to recently released data from the Minneapolis Area Association of REALTORS®, home buyers have signed 3.1% fewer purchase agreements in July compared to July of 2015, which is largely related to fewer homes being on the market and available to buy. In fact, new listings also dropped 5.5% year-over-year in July, but on the flip side, home sellers in the Twin Cities are receiving 98.4% of their original list price due to the limited inventory and strong demand for housing in our market.
Right now, the median sales price for a home in the St. Paul and Twin Cities area is hovering right around $239,900, which is up 6.6% from this time a year ago. And if you’re wondering how quickly homes are selling right now, the latest numbers are showing Twin Cites metro area homes are only sitting on the market for an average of 53 days overall.
A more specific breakdown is as follows:
- Twin Cities homes priced between $190,000 and $250,000 sold in an average of 38 days;
- Twin Cities homes priced at $500,000 and over sold in an average of 121 days.