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Happy August! As summer begins to wind down and many families prepare for the back-to-school season, it’s the perfect time to take a fresh look at what’s happening in the housing market.
As we close out the summer, showing activity in the Twin Cities is down 1.0% compared to this time last year, but buyers continue to stay active across a variety of price points.
Buyers: Homes priced between $300,000 and $400,000 continue to attract the most buyer interest, making up nearly 28% of all showings. If you’re shopping in this price range, be prepared to act quickly when the right home becomes available.
Interest in luxury homes priced at $1 million or more is also growing, with showings increasing 13.7% compared to this time last year. If you’re shopping in a higher price range, keep in mind that competition remains strong there as well.
Sellers: While overall showing activity is down 1.0% compared to this time last year, the slowdown hasn’t affected every segment of the market equally. The $300,000 to $400,000 price range continues to account for nearly 28% of all showings and has seen a 4.4% increase in buyer activity compared to last year. Homes priced at $1 million or more have seen an even larger increase of 13.7%. If you’re selling in either of these price ranges, current market conditions continue to work in your favor.
As we close out the summer, the housing market continues to shift, both in the Twin Cities and nationally. While national trends provide a helpful snapshot, local market conditions often tell a different story. Keeping an eye on both can help you make more informed real estate decisions. Now go enjoy what’s left of summer…before pumpkin spice season takes over everything.
