2022 MN real manor outlook: Low rates, high need, limited inventory

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(Flim-flam nine) - Minneapolis Area Realtors released their almanac housing written report on what the Twin Cities residential real manor market looked similar concluding twelvemonth helping them predict how the market volition act in 2022.

"We've had good markets, simply this is about as strong as I've seen," realtor Jerry Moscowitz, part of Minneapolis Area Realtors, said.

2022 MN real estate outlook: Low rates, high demand, limited inventory

Minneapolis Expanse Realtors released their annual housing written report on what the Twin Cities residential real estate market place looked like last year helping them predict how the market place volition act in 2022.

He says a stiff market ways home values proceed increasing, or homes continue to capeesh, while the market remains active.

Moscowitz says i of the biggest factors creating a competitive housing market in Minnesota is an imbalance of supply and demand. There are far more than buyers interested in purchasing a abode than there are homes on the market.

"Right now, what we consider a balanced market would exist five to six months supply of inventory, and we're sitting right now is more around the one month [range], correct in a higher place that," Moscowitz said.

He says part of the reason for that is over the last ten years, fewer new homes are being built, peculiarly in lower price ranges. He also points out that people thinking about selling their home may be thinking twice since they'll also face a competitive buyers market.

His suggestion to buyers in 2022: don't wait. He says there's zero happening in the market place right now that would indicate dwelling house prices volition go downwards. In fact, he says interest rates will likely rising while prices rise, pregnant in the hereafter you could terminate up paying more for less.

For more data on the housing market place "monthly indicators" click here.