Home prices hit a new record in the Twin Cities

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The latest numbers from the Minneapolis Association of REALTORS® (MAR) show that the median home sales price rose in the Twin Cities 5.2% to $281,000, a record high for any month. Inventory fell by 1.2% from April 2018 and month’s supply was flat.

Changes in sales activity also varied by market segment. Single-family sales declined 7.1%, condo sales increased 9.1% and townhome sales declined 9.1%.

According to MAR, well-priced, turnkey properties continue to be highly sought-after, and the market is tightest at the entry-level prices, where multiple offers and homes selling for over list price are commonplace. The move-up and upper-bracket segments are less competitive and better supplied.

According to the Minnesota REALTORS®, the median sales price for the state increased by 4.6% to $251,000 and total inventory declined by 3.2% from April 2018.