Fall 2018 Housing Market Update
With the busy spring and summer months behind us, what does the real estate market look like? We’ve gathered some facts from the most recent National Association of Realtors Housing Opportunities and Market Experience (HOME) report. This survey captures trends and topics in the housing market and overall consumer opinion on a national level.
- In the third quarter of 2018, 63% of people believe that now is a good time to buy a home
- 77% of people believe that now is a good time to sell a home
- 70% of people believe that prices have gone up within their communities in the last 12 months
- When asked what is most important when choosing a new neighborhood, respondents answered:
- 25% proximity to friends and family
- 24% proximity to jobs
- 20% proximity to schools of choice
- Over three-quarters of those who are 34 or under and those between 35-44 expressed importance of having highly rated schools.
Twin Cities Real Estate Facts and Figures
According to the Minneapolis Area Associations of Realtors, The Twin Cities real estate market continues to face an inventory issue, down 8%.
The overall Median Sales Price is up 7.9 percent to $259,000. The property type with the largest price gain was the Townhomes segment, where prices increased 9.2 percent to $202,054.
In the Twin Cities region, for the week ending September 29th:
- New listings increased 15.0%
- Pending sales decreased 6.3%
- Inventory decreased 4.7%
Overall, at Desrochers Realty Group we are seeing a lot of activity and are busier than ever. Rest assured, it’s not too late to get out there to sell and buy a new home.
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