The reason the market demand is still strong is because real estate missed prime weeks of the spring market due to the COVID Stay at Home Order. This summer, families decided to hunker down instead of sell and move. Likewise, many investors did not sell their rental properties because they did not want to disrupt their tenant’s lives with showings and relocation. With COVID cases continuing to rise as we head into winter the number of listings has dropped off but many buyers are continuing their home search. We are still seeing multiple offers on properties as demand remains high.
With many jobs and schools remote, many homeowners are requiring home offices and not as concerned about commute times. Therefore, homeowners are taking this opportunity to change things up and sell their homes in search of something that suits their new needs.
Duplex: $325,000 (711 sales)
Triplex: $351,500 (37 sales)
Fourplex: $450,000 (79 sales)
Minneapolis Duplex: $353,000 (337 sales)
Minneapolis Triplex: $430,000 (15 sales)
Minneapolis Fourplex: $494,500 (34 sales)
Saint Paul Duplex: $260,600 (200 sales)
Saint Paul Triplex: $350,000 (11 sales)
Saint Paul Fourplex: $443,700 (20 sales)
If you are looking for more information about the Twin Cities real estate market or would like to discuss your next investment opportunity, please reach out! We would love to help!
Minnesota has seasons and so does the Minnesota real estate market. In normal years (not 2020), the market tends to slow down starting mid-October. Not this year!
We are in the middle of one of the most exciting real estate markets in Twin Cities history. August was HOT and COVID hasn't slowed things down.
Real estate is considered a "critical sector" under Minnesota's "Stay at Home" directive.