Today we’re here with your Twin Cities summer real estate market update. We have some unusual market stats to share.
Coming out of the recent lockdown, we’ve seen a 27.5% decrease in new listings. Many people who planned to list their homes this spring decided to hold back and not come to the market due to the pandemic. Added to that, there is so much pent-up buyer demand that there is only a 1.9-months of supply available. With this, the law of supply and demand takes over, and the average sale price has spiked over 5% to over $330,000.
“Due to the lockdown and buyer demand, we’re going to see an extremely busy summer.”
Due to the lockdown and buyer demand, we’re going to see an extremely busy summer with tons of sales. Many who waited to list their houses will do so this season. If you’re considering selling your property this year or next, I suggest you get a free equity analysis done on your home today.
Also, you can visit JohnSchusterGroup.com, click on “See Home Estimate” and we’ll provide you with a free, confidential, no-obligation market analysis of your house. Additionally, if you want to see all available homes for sale in the Twin Cities, click “Find a Home.”
As always, you can reach out to us via phone or email if you have any questions about our market or concerning real estate in general. We would love to help you. Enjoy our beautiful Minnesota summer before the snow comes back!
