Twin Cities Homes See New Record for Median Sales Price
Despite snowy and wet weather slowing sales last month, the Twin Cities set a new record for the median sales price of a home. That’s according to data released by housing industry association Minneapolis Area Realtors.
The median sales price reached $275,000 in March, the highest on record for any month in the Twin Cities. Brooklyn Park saw the biggest price spike locally, jumping 18.4 percent over March of last year. The median sales price in Brooklyn Park is now $278,100.
Other cities in the CCX viewing area also made notable gains. Maple Grove climbed above the $300,000 mark ($310,900, a 5.3 percent gain), while Plymouth pushed past $400,000 ($408,500, a 8.7 percent gain).
One key factor in keeping prices high: the inventory of homes for sale is still historically low. The supply stands at 1.8 months, below the four to six months of supply that realtors say makes for a balanced market.