MINNEAPOLIS (WCCO) – The American Dream has become a reality for thousands of people in the metro.
On Wednesday, Realtor Associations announced the Twin Cities housing market closed the most sales since 2005.READ MORE: 'It Was Just Nuts': Severe Storms Leave Residents With Damage, Debris, And Outages
Real estate experts said in 2015 the Twin Cities experienced the best year in home sales since the Great Recession. Agents reported more than 56,000 sales in 2015, that’s up more than 6,000 from the previous year.
Two of the biggest driving factors were attractive interest rates and affordable prices.
Buyers were on the move last year, closing on nearly 60,000 homes. Properties stayed on the market for an average of 76 days, a ten-year record low.
Agents said the original listed price of homes compared to the final closing amount remained strong at 96 percent. This means sellers have regained pricing power and are getting close to full price offers on their homes. A lot of this is mainly due to less supply and more demand.READ MORE: Crews Battle Fire In Northeast Minneapolis
Judy Shields, president of the Minneapolis Association of Realtors, and Bob Clark, president of the St. Paul Association of Realtors, had advice for both buyers and sellers.
“I think the biggest preparation is they need to figure out what they can afford. We need to get that information upfront. And then, obviously, we’re looking at the spring market and we’re seeing more homes coming on right now,” Shields said.
“There’s a lot of sources out there that will tell them what their home is worth that aren’t accurate,” Clark said. “Find out what your home is worth so that you’re starting off in in a prudent fashion.”
The median sale price for homes last year stands at $220,000.
Just as 2015, real estate agents have a positive outlook for 2016.MORE NEWS: Minnesota Weather: High Temps Could Reach 90 Degrees Sunday