The Twin Cities Real Estate market could not be much better for move up buyers that are looking for that larger home. The existing supply of homes across the 7 county region remains under a 2 month supply under the $450k mark. This is a number
that continues to frustrate entry level home buyers with multiple offers and rising prices. When you reach into 2nd ring suburbs where some prices are higher it's even more difficult.
Move up buyers
after potentially selling their first home within hours, not days, get the luxury of searching in a market
where they are again in the drivers seat.
The market above $450k which is heavily supplemented by new construction options
shows to have slightly under a 6 month supply of inventory. This illustrates the point but only accounts for MLS data. Most of the lot inventory in larger outlying developments is not being considered in this number. Values within any
sector will only rise for so long. Consumers that foresee a need to move up within the next 5 years should be taking a hard look at the current market as the timing is right.
Supply under $450K
Supply above $450k