With home sales and rental markets showing steady growth, a new study from real estate analytics firm RealtyTrac suggests that home prices could soon be rising in some cities.
Real estate listings in the Greater Minneapolis-St. Paul metro area are expected to reach an average of $1,250,000, up from an average annual price of $890,000 last year.
That number could be even higher in some of the smaller cities, though, as Realty Trac points out, the number of new listings is likely to decline.
The median price for a home sold in the metro area was $936,000 in 2018, according to Realtytrac, and that number is projected to climb to $1.052 million in 2019.
The median price of a home is expected to fall to $920,000.
The numbers are similar to those in 2019 for the Minneapolis-Saint Paul metro, where the median home price was $1-1.2 million, up slightly from $1 million in 2018.
The number of homes on the market is expected a little lower, Realty Tracker said.
The Minneapolis-South St. Paul area also saw a slight increase in the number on the marketplace, according the company.
The metro area’s median home sale price was about $1mm in 2019, up 2.7%.
The numbers also are up for Minneapolis-Eagan, the second-highest-valued area of the metro and home to a large number of newly built homes.
The area’s average home price last year was $930,000 and it’s projected to be $1m in 2019 — a 3.5% increase from last year, Realtor.com said.