The Plymouth MN housing market has favored sellers in a big way for the last few years. Buyers have faced many challenges in their quest for a home to call their own. Sellers have been in a position of power. Full price offers and bidding wars have been the norm for desirable properties priced appropriately for the market. Additionally, April available homes for sale fell under 10,000 which set a record for low inventory. Still, in the face of rising interest rates in addition to low levels of properties for sale, values continue to increase.
If you are a seller, this is a time to rejoice. But even if you are looking to buy, economic indicators like low unemployment, higher wages, increased spending indicate confidence in the general economy and that is good news for real estate. Even though mortgage rates are going up this year, buyers appear to be willing to reevaluate their options and settle for less home rather than giving up the dream of ownership. When comparing the pros to the cons, rising home prices indicate that real estate is still a good investment when compared to the prospect of facing a rental market that continues to escalate regarding monthly apartment rent.
There is an excellent post on Our Twin Cities Home, the Minnesota Property Group blog which digs into the numbers for the entire Minneapolis-St. Paul metro. Keep in mind that housing is very locality sensitive. If you live in Plymouth MN or are considering the purchase or sale of a Plymouth MN home, it is essential to know how the numbers shake out for real estate in your community as well as in the region.
April 2018 Plymouth MN Housing Market Statistics
Let’s see how April this year compared to the data for April 2017*
new listings down -3.6%
closed sales down 2.4%
Median home price $375,000 up 2.8%
Percentage of list price received is 99.0% up 0.9%
days on the market until sale was 49 down 37.2%
available inventory was down -17.3%
month’s supply of inventory down -16.7%
Let’s compare the Plymouth MN cumulative data over the last 12 months*
new listings down 3.9%
closed sales up 3.4%
Median home price $362,950 up 4.6%
Percentage of list price received is 98.5% up 0.9%
days on the market until closing was 59 down 28.0%
Please note, that even with all the challenges buyers face they continue to persevere. In Plymouth, notice how quickly homes are selling. Days on the market compared to last year are down 37.2%. Plymouth is hot right now! If you want to sell your Plymouth MN home now is an excellent time.
If you have any questions, give me a call and let me put my experience in the Plymouth MN market to work for you.