02/27/2020
2019 Real Estate Wrap Up!
The 2019 housing market was fueled by the overall strength of the economy across most of the country. The stock markets reached new highs throughout the year, improving the asset bases of millions of Americans. Unemployment rates fell to 50-year lows, while wages increased, creating new home buyers. Mortgage rates also declined significantly from 2018, helping to offset affordability stresses caused by continued price appreciation nationally. Though buyer activity has been strong, most markets are being constrained by inventory levels that are still below historical norms. With supply and demand continuing to favor sellers, prices continue to rise.
In the Minneapolis/St. Paul market, the number of homes available for sale was 19.6% lower than in 2018. The overall median sales price increased 5.7% to $280,000 for the year. As we look at 2020, we see continued low mortgage rates and a healthy economy giving a great start to housing in the new year. If you are thinking at all about buying/selling, give me a call and I will give you a personal local market update!
