Central MN Housing Prices Continue to Climb
UNDATED -- Minnesota home prices continue to climb thanks to low interest rates, a healthy economy, and a lack of new listings.
Chris Galler is the CEO of the Minnesota Realtors Association. He says in Region 7W, which includes the tri-county area, the median sales price is up 7.5% in June compared to last year during that time. The median sales price last month was $202,000, up from about $188,000 a year ago.
Galler says new listings in central Minnesota actually bucked a statewide trend in June...up 2.3%. But, he says new listings are down year-to-date.
Galler says some reasons why people are hesitant to list their homes include uncertainty after the housing bubble burst, the high cost of new construction, and a lack of equity in their homes.
The Minnesota Realtors Association is predicting a strong housing market for the remainder of 2016 and into the first half of 2017.