Minneapolis has one of the hottest real estate markets in the country with houses listed under $250,000 fly off the market, 30 days or less in some areas of the Twin Cities.
Among the largest 100 markets in the country, 36 are still seeing homes sell at least a week faster than this time last year. This includes colder weather markets like Minneapolis, MN, which has been thawing faster than expected and quickly catching up to the rest of the country.
Minneapolis MN ranked 16th in the nation by a study LendingTree did of the top 100 Most Competitive Housing Markets based on the factors that truly create a competitive market for homebuyers — how many house hunters are putting more money down, have high credit scores and start loan shopping before home shopping.
At the beggining of 2018 the market was very strong for home sellers and a lot of people looking to buy homes struggled to close on their ideal home before the compitition closed first. It now the end of august and it appears home buyers may have some releaf. At a time when buyers are facing low inventory, sellers are finally starting to jump into the market. Now is the time to sell homes fast in Minneapolis for high dollar.
More Minneapoolis home sellers may finally be jumping into the market in a time when buyers are facing the challenges of low stock. Since 2013, new listing activity was subdued relative to buyer action and has not surpassed 9,000 new listings per month since 2010. Excluding 2010, we haven’t experienced this many new listings for any month since May 2008. Increasing seller action and tapering demand are consistent with a market that’s beginning to loosen up a little. That said, buyers shopping this spring and summer will still face stiff competition. Being successful in this marketplace takes dedication, decisiveness and persistence–traits not always typical of every purchaser. In fact, May marked the sixth consecutive month of year-over-year declines in closed sales, likely reflecting the lack of homes available and not weakness in the economy. Strong demand combined with low supply way vendors afforded a mean of 100.2 percentage of the listing price in May, a record high for any month and the first time this indicator has exceeded 100.0 percent. The deficit is particularly evident at the entry-level prices, where multiple offers and houses selling for over list price have become increasingly common. Homes continue to sell fast and for near or above list price in this tight market, but nearly 12,000 sellers and buyers were able to transact real property past month.
