Skip to main content

Spring housing market surging for home buyers and sellers

  • Author:
  • Updated:
    Original:

It's only April, but the spring market in the Twin Cities metro real estate market is already delivering results for buyers and sellers. The Star Tribune reports sales are on track to make this the strongest spring market since the housing recession began in 2008.

According to the Minneapolis Area Association of Realtors, last month the number of signed purchase agreements increased by an impressive 30 percent over March of 2014. Prices jumped nearly 11 percent.

One in seven homeowners in the Twin Cities is still experiencing negative equity--meaning they owe on their house more than it is worth. That rate is lower than the national average, but it blocks those homeowners from selling and adds to the tight supply of homes on the market.

A March Market Update from Edina Realty noted that home sales prices in the metro area have seen three full years of year-over-year price gains. Edina Realty saw the most pended sales in a February in the last nine years.

This week TwinCities Business published a story suggesting it's again a wiser financial move to buy rather than rent a home.

The story cites a new study from Zillow, which did the math and determined that the so-called “break-even horizon” for the average Twin Cities homebuyer is 2.2 years. Zillow’s analysis compares the cost of buying a home versus the cost of renting an apartment to estimate the point at which it makes financial sense to buy a home rather than rent an apartment. In data compiled for February, Zillow found the median home price in the Twin Cities at $211,400, and the median apartment rent at $1,506 per month.

Zillow’s numbers calculate that the break-even time takes longer in pricier neighborhoods and takes less time in their economically challenged counterparts.

Next Up

Jason Hackett

New face joining KARE 11's 'Sunrise' morning show

Jason Hackett will be joining Alicia Lewis and Guy Brown on KARE 11's morning show.

Screen Shot 2022-11-30 at 4.04.09 PM

Armed robbery suspect sought in two south metro investigations

The incidents took place at credit unions in Savage and Apple Valley.

image

Former Twin Cities plastic surgeon charged with sex crimes

Christopher Kovanda is accused of inappropriately touching woman under the guise of providing medical care.

Screen Shot 2022-11-15 at 4.23.26 PM

Minnesota man accused of murder in Chicago is arrested in Alabama

A 26-year-old man from a small town on the Iowa border is accused of murdering a Greyhound bus employee.

DougKeddieShakopeeSchools

Support for Shakopee Public Schools employee diagnosed with cancer

The media specialist has been transitioned to hospice care recently.

snow

Big November snowstorms uncommon in MN, but snowfall is increasing

This week's 8.4 inches at MSP Airport was one of the biggest November storms in the Twin Cities since 1991.

MNASecondStrike

Minnesota nurses take vote on whether to hold second strike

The results will be determined Wednesday night.

unsplash medical marijuana

OCD, irritable bowel syndrome added to MN's medical marijuana list

They are the two latest qualifying medical conditions for Minnesota's marijuana program.

Screen Shot 2022-11-30 at 9.27.45 AM

Fundraiser created for family-owned Cô Tu' Oriental Cuisine after shooting

Support from the community will go towards medical expenses and overhead costs for the restaurant.

Erica Shameka Roberts

Police: Minnesota murder suspect arrested in Texas

Erica Roberts has been on the run since March.

JackknifedSemisI35

Jackknifed semis close I-35 northbound near Faribault

There are icy conditions across Minnesota

Related