The city of Crystal has seen a sales boom, with closed sales up 24 percent so far this year. There's also very little inventory with less than a month's supply of homes. A balanced market is typically a six month supply.
"Crystal historically has always been a value suburb," said Community Development Director John Sutter. "You get more house for your money here and that's been true throughout our history compared to some of the other suburbs in the metro."
This inner-ring suburb now has a sizzling housing market.
"Right now we have less than a month's supply of houses on the market and most of Crystal is existing housing. that means that when homes go on the market they sell very quickly," said Sutter.
Realtors say it's all about location: Crystal has that. Buyers are also lured to Crystal by peaceful, tree-lined neighborhoods, parks and nearby retail. Old houses are being snapped up quickly, causing values to go up.
And there are new pockets of home construction on what little vacant land is left.
"There is new supply coming on the market that might offer people something beyond from what they might come to expect from Crystal," said Sutter.
The median price for existing homes in Crystal is almost $200,000. Some new homes in Crystal are going for $350,000, which is a bargain compared to other pricier suburbs.
Eric Nelson, firstname.lastname@example.org
March 21, 2017