Perception Vs Reality of Today's Market 2023

Perception Vs Reality of Today’s Market 2023

As we head into the spring of 2023, many people are wondering about the state of the real estate market. Is it up? Down? Stable? The truth is, it can be difficult to know for sure without looking at the data.

That's why I turned to the Minneapolis Association of Realtors for a comprehensive look at the current state of the market. In this video, we'll be covering a 1 year, 5 year, and almost 20-year view of the Twin Cities market.

(Make sure to watch in HD)

Let's start with the most recent data. According to the Minneapolis Association of Realtors, the median sale price for a home in the Twin Cities in the past year was $340,000. That's up from $325,000 the previous year, indicating a 4.6% increase. Additionally, the number of homes sold increased by 1.9% in the past year.

Looking at the 5-year view, we see a similar pattern. The median sale price in the Twin Cities has increased by 27.2% in the past 5 years, from $267,000 in 2018 to $340,000 in 2023. The number of homes sold has also increased by 4.2% over that same time period.

Finally, let's take a look at the almost 20-year view. In 2004, the median sale price in the Twin Cities was $197,000. Since then, it has increased by 72.6% to the current median sale price of $340,000. The number of homes sold has also increased by 47.9% in that time period.

So what does all this data tell us about the state of the market? Despite concerns about a potential downturn, the data indicates that the Twin Cities real estate market is still strong and growing. While there may be fluctuations in the short term, the long-term trend is one of steady growth.

Of course, this is just one perspective on the market. It's important to do your own research and consult with a professional before making any major decisions about buying or selling real estate. But hopefully, this data gives you a better sense of the perception vs. reality of today's market in the Twin Cities.