The housing marketing in Minnesota and especially here in Minneapolis is going strong. Home sales increased for the month of April in Minnesota by 0.3 percent, with the sale prices of those homes being up 11.5 percent to a median average of $145,000. The increase we are seeing can be attributed to a decline in the number of distressed homes on the market. With distressed home sales down it means there were fewer homes sold at below market value, which leads those homes that are traditional homes for sale to sell at a higher price.
Nationally, home prices rose by 10.1 percent in April compared to April of last year to a median average home value of $178,000. There are plenty of indicators in the market that show now is the time to buy a home. Foreclosure and short sales last month only made up 20 percent of all sales in Minnesota. We are seeing a trend of fewer of these types of sales each month. The increase we are seeing in the sale of traditional single-family homes is another indicator we are trending in a positive way in the Minneapolis housing market. Mortgage interest rates continue to remain low making it another great time to buy a home.
If you are looking to buy or sell a home contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065
Tags: Brace Helgeson, Buying a Home, Foreclosures in Minneapolis, Foreclosures in Minnesota, home values in Eden Prairie, Homes for sale in Chanhassen, homes for sale in Chaska, Housing Market, Minneapolis Housing Market, short sales in eden prairie, short sales in edina, short sales in Minneapolis, Twin Cities Housing Market