As a real estate agent in the Twin Cities, I pride myself on having the experience and a deep understanding of the local market and how various changes affect home prices in our area. If you are considering buying or selling a home in the near future, I'd love to provide you with a complimentary market analysis to get the process started. It's important to have a base understanding of what's happening in your target area so you know what to expect for pricing, time on market, etc. Just shoot me a quick email or give me a call and I can get information over to you on your neighborhood. Have a great day!

With housing prices soaring and record-low inventory throughout much of the country, many prospective buyers have opted to rent for the time being, only to find conditions much the same in the rental market. Indeed, competition for rental properties is strong: the national median rent has increased 11.4% since January, and rent growth this year is surpassing the average growth over the same months from 2017 - 2019 in 98 out of the 100 largest cities in the nation, according to Apartment List. For the 12-month period spanning September 2020 through August 2021,

High sales prices and limited supply leave many prospective buyers no choice but to postpone their homes search in such a competitive market. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.

In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.

Pending Sales in the Twin Cities area were up 10.3 percent overall.

The overall Median Sales Price was up 11.1 percent to $350,000. The property type with the largest price gain was the Single-Family segment, where prices increased 11.9 percent to $357,000. The price range that tended to sell the quickest was the $250,001 to $350,000 range at 23 days; the price range that tended to sell the slowest was the $1,000,001 and Above range at 110 days.

New Listings in the Twin Cities region decreased 3.6 percent to 7,644. Pending Sales were down 10.3 percent to 6,525. Inventory levels fell 20.1 percent to 7,686 units. Prices continued to gain traction. The Median Sales Price increased 11.1 percent to $350,000. Days on Market was down 43.6 percent to 22 days. Sellers were encouraged as Months Supply of Homes for Sale was down 26.3 percent to 1.4 months.

Market-wide, inventory levels were down 20.1 percent. The property type that lost the least inventory was the Condo segment, where it decreased 10. 7 percent. That amounts to 1.3 months supply for Single-Family homes, 1.2 months supply for Townhomes and 2.6 months supply for Condos.