This story was published 10 days ago, but I wanted to post it on the blog. The median sales price in the Twin Cities has continued to climb consistently each month since January this year. January’s median sales price was just $155,000 and now in June it’s up to $173,500.  That’s up 7.5% from the median sales price in May 2009 which was $165,000.
This is consistent with what I’m seeing in the metro. Sales transaction activity in the past year have been so dominated by properties under $150,000 that as that inventory goes away, median prices will continue to see nice bumps like the chart below. Remember, this is the median sales price. Given the shift away from upper bracket home sales, these numbers are much lower than normal.
Click here for the press release from the Minneapolis Area Association of Realtors.