How Hot Is The Twin Cities Real Estate Market?

With summer in full swing, not only the air temperatures are hot. The residential real estate market?in the Twin Cities, after a small dip around the Fourth of July holiday, continues to be strong.?

In the greater metro region, the inventory?continues to be tight. The months supply of homes?in all sectors?is at only?1.1 months.?In July of 2020, that number was at 2.1, a drop of 47.6%.?A market is considered balanced when the inventory stays between 4 and 5 months.?

Another metric worth noting is the median sale price.?That number has gone up 15%, from $300,000 in June of 2020 to?$345,000 in June of this year.??

That doesn’t mean that there aren’t sectors of the market experiencing longer market time. Sellers are advised to seek out professional representation and help in not only?correct pricing but especially preparing the property for the market.??

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