If you have been attempting to buy a home in Plymouth, MN, you know the Plymouth housing market favors the seller in a big way. You have probably been faced with several challenges as you navigate the market and try to score a deal on a home. Sellers are enjoying an excellent market position. Top dollar offers and bidding contests are often the new normal for desirable properties. Interest rates are rising slowly, and property values are going up more quickly, but buyers are still undeterred for the most part.
If you are selling, you are probably happy with this status quo. If you are a buyer you still are inspired by outstanding employment numbers, and stock market performance. People are exhibiting their confidence in the economy the way they do it best, spending on consumer products and house. Good news for homeowners and real estate generally.
Buyers who are still avid on home ownership seem to be considering their options and making adjustments to the higher prices and interest rates by either upping their game or settling for less. They realize that in a side by side comparison of advantages vs. disadvantages of owning as opposed to renting, rising values and a robust job market and economy point to real estate as a good investment.
Plymouth Housing Still a Great Value
It’s noteworthy that in the Plymouth housing market, home prices are up, and days on the market are down. Even with new challenges being presented to buyers they are still eager to own a home. There is no doubt about it. Plymouth is a desirable community in the eyes of consumers. Now is an excellent time to sell.
Want a closer look at the numbers for the metro? Check out this The Minnesota Property Group blog which parses the numbers for the whole Twin Cities area. Remember, housing is hyper-local, so if you are contemplating a real estate deal in Plymouth MN it is an excellent idea to know the ins and outs of the data in the community as it pertains to real estate.
July 2018 Plymouth Housing Market Statistics
Let’s see how July this year compared to the data for July 2017*
new listings down -1.0%
closed sales down -0.7%
Median home price $380,000 up 5.3%
Percentage of list price received is 99.8% up 1.4%
days on the market until sale was 43 down -10.4%
available inventory was down -14.9%
month’s supply of inventory down -13.3%
Let’s compare the Plymouth Housing Market cumulative data over the last 12 months*
new listings down -2.3%
closed sales up 0.6%
Median home price $370,000 up 8.2%
Percentage of list price received is 98.9% up 0.7%
days on the market until closing was 55 down -12.7%