Twin Cities Sellers Market

November in the Twin Cities Cold While Housing Market Hot

November Twin Cities Hot Housing Market

The end of the year fast approaches and we are almost there. The theme of the story for 2017 has been one of a strong sellers’ market and relentless buyer demand, especially in the first-time home-buyers price range. It has remained constant through 11 months despite rising interest rates, political turbulence, and a tax overhaul whose effects on the housing market are still uncertain.

Even though the 30-year mortgage interest rate just surged to a five-month high for the last week of December at 3.99%, it is still lower than last year at the same time and a historic bargain. The Minneapolis-St. Paul's business community continues to thrive economically and with the third-lowest unemployment rate in the nation, an abundance of jobs consumer confidence remains high and continues to support a strong housing market.

Delving deeper into the numbers for November of this year vs. November 2016, find new listings 6.7% lower, inventories 24.1% lower with a month's supply of inventory at 1.8.  Still, buyers persisted and closed on 4595 homes this year for an increase of 3.8%, and pending sales, not to be outdone are up 4% more than November 2016. Listed homes spent less time on the market and closed for higher prices as well sitting at 56 days with a median sale price that rose by 6.5% to $245,000.

Minneapolis-St. Paul Housing Market Year to Date

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