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Twin Cities residents are making 25 percent profit selling their homes

It's a sellers' market alright.
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Twin Cities homeowners are cashing in if they sell their home right now, making 25 percent on their original investment.

The latest figures from ATTOM Data Solutions says the Twin Cities is 21st in a ranking of metro areas where people are turning the biggest profits selling their home.

In the second quarter of this year, residents sold their home for $47,000 more than what they paid for it – which works out at an average return of 24.4 percent of the buying costs, the study says.

It comes at a time when the Twin Cities area is a lucrative market for sellers, with the average sale price reaching all-time highs this year.

The Minneapolis Area Association of Realtors had the average price pegged at $240,000 in July, a 5.7 percent increase on a year earlier.

Much of this is being driven by a lack of supply, with inventory levels down 18.3 percent on a year earlier.

There's currently only 2.7 months of supply for single-family homes in the Twin Cities.

This is being replicated nationally, with ATTOM Data Solutions' Daren Blomquist saying urban homeowners across the country are "caught in a Catch-22."

"While it's the most profitable time to sell in a decade, it's also extremely difficult to find another home to purchase, which is helping to keep homeowners in their homes longer before selling," he said.

The research found the average seller has been in their home for 8.05 years before selling, the longest average homeownership time since it started taking records.

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