April Housing Market Statistics Twin Cities

Twin Cities Metro Housing Market Statistics April 2018

The Twin Cities Housing April 2018 Snapshot

I'm not going to lie to you; housing inventory is at a new all-time low. However, we have a reason for optimism as new listing numbers are improving. Let's also keep in mind that the early part of April felt more like January this year, with significant snowfall and low temperatures, which may have held some potential sellers in winter hibernation mode. Still, sellers and builders see a continued strong economy and are encouraged by a market poised to bestow significant financial gains.

For buyers, this market is still certainly challenging. Home values continue to rise while days on the market are fewer. The median sale price for April was $266,000, up 8.6 percent and days on the market fell 10.2 percent compared to April of last year, which drives home that buyers do not have the luxury of dawdling when it comes to offers. Additionally, buyers now have rising interest rates to contend with as well.

Twin Cities Economy and Housing Market is Strong

The factors of steady employment, rising wages, increased consumer spending indicate continued confidence in the economy and a healthy housing market. If this remains true, buying a home will be an attractive investment. Although buyers may have to make adjustments, they should not find rising mortgage rates enough to deter them from purchasing a home.

May looks encouraging, with new listings down only 0.1 percent from the same time last year. From all appearances, it seems like we will enjoy...