2 days ago
The average home price in the Twin Cities is over $400k
In the market to buy or sell a home? Real estate is hitting new highs in the Twin Cities.
In America's 16th largest metro area, it's sweet summertime. High temps aren't the only increased numbers, but the ticket price on homes are too.
"I think what matters is affordability to people, and that seems to be a problem right now," said Richard Webb who's a Realtor with the Webb Group, and has helped people buy and sell in the metro since 2004. "Right now if you're a seller, you start with a little leverage. In 2010 if you were a seller you had no leverage."
Minnesota Realtors, an organization uniting those who help clients buy and sell statewide says seller activity in the Cities is now 4.4-percent higher while buyer activity is up 0.8%. This new data adds that the metro is seeing a record high median of $401,000. The first time it's over 400K.
Webb says millenials are a demographic buying like crazy, and the price they're willing to pay has definitely kept his business busy.
"It's unaffordable for an average young couple," said Carolyn Brochman, who lives across from a Minneapolis home for sale.
Brochman also went through the buying and selling process recently.
"I found it extremely stressful," she told WCCO.
The market is competitive.
"Almost every house we see if getting multiple offers," said Webb. "Work with a seasoned agent that can help you position your offer most competitively."
Webb added that every suburb across the metro is on people's radar.
Webb told WCCO that area inventory is improving despite currently being a sellers market. The metro's many Fortune 500 companies also are a big influence.
The Webb Group is based in Edina and can be reached at 952-223-1462. More information can be found in their website.
Minnesota REALTORS recent report can be found here.
