Of all the questions I am asked in my line of work, it seems this question is the most frequent. I could keep it simple and just say “great” or “busy.” But, the most honest answer is… it depends. Which segment of the market are you interested in? Here in the Twin Cities, if you’re a first-time homebuyer or looking for a property under $400,000, the market is very strong. Often, we are seeing multiple offers and minimal days on market for turn-key properties.
As we evaluate higher-priced ‘markets’, we see a more balanced market. As we move to very high price points, there are some areas that would be considered a buyer’s market, others, still a seller’s market even at very high price points. With historically low interest rates combined with a limited inventory, some areas have fueled a strong seller’s market. So, as I said, it depends.
So, what is your market?