Regional housing market for November 2020

According to Minnesota Realtors (the state Realtors association):

“In November, closed home sales were up +15.8% versus a year ago, with pending sales demonstrating unseasonably strong growth, climbing +10.6% higher than November 2019. In a sign of continuing high demand, properties spent an average of 38 days on the market (13 fewer days than last year). While buyers aggressively chased scarce inventory, the median sales price went up +13.6% year-over-year to $284,000.”

You may notice that home prices went up in the metro area by 9.8% year over year which is way above the 2 or 3% I was projecting at the beginning of the year.  I didn’t factor in the pandemic, and am not sure what the long term effects of it will be.

November 2020 Home Sales – Minnesota

Even though we are well into December it is still one of the best times to sell a house. The market strongly favors sellers.

 

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