Overall 2020 was a great year for home sales particularly homes in the 500,000 price range. There was a decrease in the number of lower-priced homes sold. It kind of makes sense because as home values go up there are fewer homes in the 150K to 200K price range. The 200K to 300K price range had the most closed sales in 2020.
Closed home sales were up 8.45% in Minnesota in 2020 from 2019. Home sales have been strong nationwide and the trend will continue in 2021. Lender mediated sales are down from last year. We are not seeing an uptick in foreclosures. People who are having trouble making mortgage payments should contact their lenders.
Kittson count Minnesota saw a 143% increase in home sales in 2020 over 2019 and Wilkin County MN saw a 60% decrease in home sales year over year. The Twin Cities 7 county metro area saw a 6.8 percent increase in home sales year over year.
Real estate is local and market conditions are not the same everywhere.
According to Minnesota Realtors, the median home sale price in Minnesota for 2020 was $275,000 up from $254K in 2019. The average home sale price was over 315K. The inventory of homes for sale was down 46% from 2019, which is why prices continue to rise. It is a great time to sell a house.
