MINNEAPOLIS (WCCO) — The Twin Cities housing market is so hot this summer, the listing for your dream home could evaporate in days.
Last month, the median home price hit $270,000 in the Twin Cities. The average price buyers paid topped $300,000.
Roughly $300,000 looks different depending on where you buy. From Minneapolis and St. Paul to the suburbs of Woodbury and Eden Prairie, homes at that price typically get multiple offers the first day on the market.
“Where we used to see this in the $200,000 or mid-200 range now we’re seeing it at the $300,000 range,” Edina Realty President Sharry Schmid said.
In Minneapolis’ hottest neighborhood buyers can find a large one bedroom or smaller two bedroom condo.
“It sounds very cliché but people are very much buying a lifestyle as much as they are a piece of property,” Realtor Brady Kroll said.
A one bedroom, one bath listing in the 730 building on 4th Street in the North Loop is $275,000. The 821 square-foot condo built in 2007 has indoor heated parking, access to a rooftop and fitness center.
“This is something people are willing to pay a premium for,” Kroll said.
Across the river in St. Paul a 1940s bungalow in the Como Park neighborhood is more than double the size with a two-car detached garage, 3 bedrooms and 2 bath.
“In the world of real estate there’s the notion of location, location, location. You would get more for $300,000 here than you would in Macalester, Groveland, Highland Park in St. Paul,” Realtor Beth Richardson said.
What makes the staged home unique is its back porch and the lower level.
“They’ve done an amazing job on their basement, a lot of old houses don’t have finished basements,” Richardson said.
It sold for significantly above the $300,000 asking price.
Over in Woodbury, the home shows a bay window with family room that flows into the updated kitchen. The four-level split built in 1974 has 3 bedrooms and bath in its 1770 square feet.
“So this is the master bedroom here. Buyers love lots of closet space, there’s kind of a his-and-hers closet here and then a separate master bath which is very popular,” Realtor Lynn Dussik said.
The downstairs has a fireplace, bar and bathroom and there’s an unfinished basement.
“A little bit newer that what you would find in Minneapolis and St. Paul and then you have more yard space,” Dussik said.
Move out to Eden Prairie and buyers may find a home with an attached garage, along with 3 bedrooms and 2 bath. The standout of the three-level split home built in 1988 is the updated master bath with a view and a walkout deck. It had dozens of showings and numerous offers in a matter of days.
“If you’re a buyer looking is knowing what area you want to be in if that’s the most important piece to you or if it’s all about I need I need a certain footprint. That’s going to dictate where you’re looking,” Schmid said.
Homes highest in demand right now are starter homes or places for folks looking to downsize. First-timers and millennials are buying. And the competition is tough. There were only a couple dozen $300,000 homes for sale in the Twin Cities last month.