MAAR released figures this week that show the Median Sales Price in the 13-county Twin Cities region fell in February to $195,060… the lowest level since 2003. Sparked by strong competition and lower demand from buyers, prices have moved sharply lower in just the last few months.
While this news isn’t exciting for sellers, it is a very positive development for buyers in this market (and for sellers planning to buy as well). With housing affordability now at 5-year highs in the Twin Cities and mortgage rates still very attractive, opportunities exist for buyers to pick from their choice of properties at prices far below their peak just a couple years ago.
Each community and segment of the market is different; with some markets still holding much of their appreciation over the last 5 years and others having lost that much or more so there’s simply no golden rule that Buyers can use when looking at homes but the trend is clear: housing affordability is coming back quickly and dramatically and we haven’t seen opportunities like this for many years.
