Twin Cities Real Estate News

Many Millennials are moving to the Twin Cities with the population of young adults increasing by 25% in Hennepin County in the last seven years.  This is one of the largest increases in the nation and good news for the Twin Cities and the region.  The Twin Cities is proving to be an attractive place for young people and should this should help grow our economy and the local real estate market.   The growth in the last seven years has occurred despite nearly 40% increases in Twin Cities rental rates.  The Twin Cities still ranks high in home affordability, so it is time to invest in a Twin Cities home.

Full Article-Buchta, Jim. (2014, December 30 ). Millennial population jumps sharply in the Twin Cities. Minneapolis Star Tribune.

Retrieved from http://www.startribune.com/

Minneapolis-St. Paul has moved from 2^nd to 1^st in the nation in home affordability.  The report done by Interest.com uses several criteria, but strong household incomes in relation to median home prices in the Twin Cities helped lift our market to the top spot for home affordability.  Low interest rates and more good homes coming on the market make this a good time for those thinking to buy.

 

Full Article-Painter, K. (2014, November 18 ). Twin Cities ranks No. 1 for home affordability. Minneapolis Star Tribune.

Retrieved from http://www.startribune.com/

As home prices increased many sellers across the Twin Cities metro listed their homes, but sales activity was down last month relative to a year ago. This is a market condition that should have produced lower home prices, but median home prices still continued to rise.  The disparity between decreasing home sales and increasing home prices can be attributed to a shift in the home sale market away from foreclosures and distressed properties.  The decline in home sales may be frustrating to home sellers, but this change is seen as positive sign that the Twin Cities home market is improving.

Full Article-Buchta, J. (2014, October 13 ). September home sales fall in the Twin Cities metro area. Minneapolis Star Tribune.

Retrieved from www.startribune.com.

The real estate market in the Twin Cities may have cooled, but it is not any easier to find a lot to build on.  The recent increase in home demand has created a bit of a run on desirable lots within the Twin Cities seven county metro area.  Lot supplies are now at lower levels than in the pre-housing boom.  Supply of lots must increase substantially to meet current demand.  If you are looking to build in the Twin Cities start your lot search with MyTwinCitiesRealty.com and Phil McDermott.

Full Article-Buchta, J. (2014, September  5). A slow down in home sales has not made it any easier to build a house in the Twin Cities. Minneapolis Star Tribune.

Retrieved from http://www.startribune.com/

More Twin Cities area homeowners are making the decision to sell their home, but as the supply of homes for sale increases home prices continue to inch up.  Many brokers and analysts see this increase in homes for sale as a sign that the Twin Cities real estate market is improving.  Despite the increases in listings the Twin Cities real estate market is still not considered in balance between buyers and sellers. There is currently a 4.4 month supply of homes for sale at the current pace of home sales.  A real estate market considered at equilibrium would have about a 5 or 6 month supply of homes for sale. Homeowner’s that may be considering listing their home can still benefit from this imbalance and increasing home values, but should probably act soon.  Buyer’s should also benefit from the highest number of homes for sale since June 2012 and historically and low interest rates.

 

Full Article-Buchta, J. (2014, August 13). Twin Cities real estate rebound reaches- economics defying moment. Minneapolis Star Tribune.

Retrieved from http://www.startribune.com/