MINNEAPOLIS (WCCO) – A new survey by Minnesota Realtors reveals an increase in homes sales in July and shows the ways in which the pandemic has increased the demand for certain home features.
For the first time since April, sales were up 12.2% year-over-year in July with a 7.5% increase in closed sales. The median price of a home has also increased 7.7% to $280,000.READ MORE: Judge To Decide On Evidence Allowed At Kyle Rittenhouse Trial
“Increased activity among buyers drove demand for homes in the under $300K category,” said Chris Galler, CEO of Minnesota Realtors. “Multiple offers are pushing the median price higher as inventory remains low.”READ MORE: Minnesota Weather: Severe Weather Threat Fizzles, But More Heavy Rainfall Coming Overnight
However, not as many houses have been listed on the market, and buyers continue to compete for a shrinking number of homes. The number of new listings is down 4.2%.
The COVID-19 pandemic has also impacted the types of homes buyers are looking for. The vast majority of realtors agreed that buyers are increasingly interested in homes with outdoor spaces and office spaces.MORE NEWS: What Is The Key To A Long Life?
Second homes are also in high demand, as 79% of realtors reported an increase in second home purchases or an interest in buying a second home. 52% of realtors also said most buyers are searching for a home in a less populated area since the pandemic hit Minnesota in March.