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The recovery of the real estate market in the Minneapolis and St. Paul area has just begun. The Minneapolis Association of Realtors (MAAR), an organization that provides research and a solid foundation for the real estate market in Minnesota, reveals a steady sales increase of luxury homes in the region in 2015.
According to the MAAR, the sales of upper-end homes had climbed to 491 by the end of October with 35 additional upper bracket homes sold in November alone. The sales record is higher compared to the unprecedented real estate boom in 2005, which recorded the purchase of 453 upscale homes in the St. Paul and Minneapolis real estate market.
Major factors such as employment play a key role in the real estate market's long-term stability. According to the Bureau of Labor Statistics, the Twin Cities rank among the top metropolitan areas with lowest unemployment rate in the country.
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Meanwhile, a study from the University of St. Thomas shows that the Twin Cities housing market is getting close to where it was prior to the global financial crisis several years ago. Due to the high demand in the housing market, experts believe that 2016 could even be better with a 6 to 8 percent increase in median home prices.
Despite the potential for an interest-rate adjustment and other factors, 2015 has been a positive year for the Minneapolis and St. Paul real estate market and it can even get better next year.
Steve Liefschultz is the CEO and chairman of Equity Bank, a Minnesota-based financial company that specializes in investment lines of credit and real estate loans. Follow this
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