TWIN CITIES MARKET UPDATE - February 2024

Dated: February 1 2024

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TWIN CITIES MARKET UPDATE
As real estate agents, we hear a lot of things over and over again. One common comment we get is that “I’m waiting for prices to go back down before I buy.” Well, we are here to tell you that it isn’t going to happen. At least not like that. And if it does, we aren’t going to be thrilled about that, and you shouldn’t be either.



Median Sales Price is once again at an all time high. This isn’t news as we’ve been saying that for years now. We commonly hear people say they are waiting for prices to go back down, particularly like they did in 2012, but truthfully, that’s unlikely to happen any time soon, if ever. If you truly are waiting for prices to go back down, what does that look like for you? Are you looking at the purchase price? Monthly payment? Interest rates? There are so man financial factors at play when you buy and sell real estate that the perfect time may never present itself if you’re waiting on one factor alone. Believe me, there are plenty of us kicking ourselves for not scooping up townhomes for $50K when they were just sitting on the market back then. That being said, we are actually in a much healthier real estate market now than we were 10-15 years ago and those bargain prices came with a lot of strings (like foreclosures, widespread unemployment, etc.). 

  

If you need further proof of how our current market is actually healthier than it was 10-15 years ago, take a look at the above graph. Homes are currently spending a median of 18 days on market, as opposed to the 3+ months of market time we were seeing back then. If you think that as a seller 3+ months of market time would be hard on your nerves, it was. Nobody wants to be at a pivot point in their lives for that long. As a buyer it wasn’t all sunshine and roses either though. The inventory was stale. Homes were just sitting on the market. You had the ability to exhaust ALL your options and then come back to the very first house you’d seen, and half the time it was still on the market and very few new options had presented themselves in that time. Additionally, many of the homes for sale were short sales and foreclosures. With lender-owned properties come very minimal disclosure (because they can’t disclose what they don’t know) and often they aren’t quite move-in-ready. If you’re thinking to yourself that we are being dramatic and there couldn’t have possibly been so many distressed properties, check this out: 



So what does this all mean for today’s market? It’s perspective. We’ve enjoyed historically low interest rates for roughly a decade, saw a tidal wave of foreclosures hit our market, had a booming house-flipping market for a few years, and now things have leveled off again with traditional sales taking up the majority of the market share. Things are stabilizing and we have a healthy 2 month supply of inventory, homeowners deciding to sell for a myriad of reasons, and eager buyers in the market ready to start the next chapter of their lives. 

But what about your house? If you would like to find out what your home is worth, click here.
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Deanna Brumbaugh

Deanna has been in the real estate industry since 2009 when she began her career as an assistant to another agent while she finished up her B.A. in English Literature at the University of Minnesota. E....

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