Median Twin Cities Home Sale Price Reaches Record $400K
New real estate data show it’s a tough time to be a home buyer.
The average price of a Twin Cities home is higher than it’s ever been.
“It really just a case of there being more need for housing and that has been the main contributor constantly pushing the pricing up,” said Jerry Moscowitz, a realtor with Re/Max Results. “I think that there’s just this demand that has continued for housing.”
Local real estate agencies say the media sales price for houses broke $400,000 last month.
Mosocwitz said potential home buyers should remember that there are still many houses sell below the median value, and that your first home doesn’t need to be your forever home.
“Once you’ve got that pre-approval and you’ve got all that, I think its just really important to find out what things are absolute musts for you as far as bedroom size, as far as location,” he said. “It’s tougher for buyers — absolutely — for some it’s tough to get in there. And for a buyer right now I think it’s really important to understand the wants and the needs.”
In the CCX News coverage area, Golden Valley houses saw the largest jump in price. The median sale price increased about 25 percent in the past year.
By contrast, Moscowitz said there’s other cities that tend to have lower-cost houses.
“You’ve got areas like Robbinsdale, Crystal, New Hope that offer very affordable housing out there, and I’m hoping people aren’t overlooking those areas,” he added.
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