Minneapolis Saint Paul home sales are following national trends. Be careful when analyzing the local real estate market, though. Every price point, every city, every neighborhood, and sometimes every block can tell a different story.
Minneapolis Saint Paul Home Sales
According to Redfin Corp., investors bought 1,849 homes in Q 3 of 2021, a year-over-year change in homes purchased by investors of 76.6%. The median sale price of these homes was $312,000. New home builders are expecting a sharper increase but continue to battle the rising materials costs. The supply chain also slows the build times and puts increased pressure on local builders to maximize the home sale price.
Minneapolis Saint Paul Home Buyers
Minneapolis and St. Paul home buyers expect to continue battling to get their purchase agreements accepted by sellers. Inventory remains low, and the demand for homes in MSP is still high. Local real estate agents embrace a year of multiple offer situations, frustrated buyers, and demanding sellers.
Interest Rate Hikes
We don’t know the impact that the recent interest rate hikes will have, but so far, it doesn’t seem like it will slow buyers down. Minneapolis Saint Paul Home Sales will likely see a slow down in 2023 when we get through another year of home buyers and real estate investors competing with one another.
