Though the Twin Cities housing market was slow to start 2019, it has increased in the past few months. Right now, the market is favoring those who are looking to make the next step and purchase a more expensive home, as opposed to those who are trying to purchase a cheaper, first-time home. The market is currently favoring average income sellers and buyers instead of those on the higher and lower ends of the spectrum. Here, our experts at Home Avenue will go over some of the current real estate trends in the Twin Cities.
Through the first half of 2019, the market has favored average households who bought a starter home for a low price a few years back and are now looking to upgrade. In addition to markets lagging in the Twin Cities, markets have lagged across the country due to unpredictable weather and other factors. New listings in the Twin Cities increased during the spring by 4.5 percent, but with that, the average price of homes increased by 5.2 percent.
Homes listed below $300,000 are in high-demand, which allows median-income families to buy fairly quickly. However, due to the high-demand of these homes, it has been difficult for lower-income families to get a home at a reasonable price.
Like the buying market, the selling market for homes in the Twin Cities area is favoring average households right now and is proving difficult for higher income households. Sellers attempting to sell their homes above $500,000 have had to frequently drop their listing price so far this year, and wait longer to make a sale.
Average and lower income households have had an easier time selling thus far in 2019. Homes listed as $300,000 and below are in high-demand, so families looking to sell their starter home and move up to a more expensive home they will stay in for several years are having an easier time selling their homes.
To learn more about how our flat-fee realty experts can help you sell your home, contact Home Avenue today. With our expertise, we can help you market your home to the right audience to ensure you get plenty of offers and save money on fees when you are selling your home. To learn more about our services or to schedule a meeting, give us a call at 952-929-7355 or message us on our contact page.