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STAR TRIBUNE - JANUARY 24
Twin Cities home sales at a 20-year high,
listings at a 20-year low
The residential real estate market was so tight in 2021
that the average sale price rose 11%.
Home sales in the Twin Cities last year reached a 20-year high despite a 20-year low in listings. Put together, the two extremes led to a double-digit increase in home prices.
Throughout 2021, buyers closed on 66,319 properties, a 2.7% increase over 2020, according to a year-end sales report from the Minneapolis Area Realtors (MAR) and the St. Paul Association of Realtors (SPAAR).
That marked the fourth year of annual sales gain for the housing market in the Twin Cities, defying the pressure on the region's broader economy from the pandemic.
At the same time sellers listed 75,536 properties, slightly fewer than in 2020. Comparing supply and demand figures, buyers were left with 26% fewer options than they had the year before.
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When buying or selling a home, it's important to understand the market and gain helpful insights to help you achieve the best results.