Minneapolis condo market trends are heading upwards, as condominiums throughout the city continue to rise in value. Today’s statistics show that the median sales price up 22 percent from five years ago, indicating that the condo market in Minneapolis is on the rise. If you’re getting into the real estate market, condos offer great investment opportunities.
So is now the right time to buy or sell? Let’s take a look at how the Minneapolis condo market is performing.
High Buyer Demand
The condo market is seeing intense demand from buyers in 2017 with new condo properties popping up, like the Portland Tower and The Legacy Condominiums. With the size of supply and the rise in demand, the condo market is certainly hot right now. Not since the great recession has the local real estate market seen this amount of interest in condo living.
Affordable Options for Buyers
With the market being high in supply, there are plenty of properties available that are perfect for smaller budgets. If you’re looking for an affordable condo under $250k, there are opportunities abound in the Minneapolis real estate market, all you need to do is find the right real estate agent for your needs.
Middle Market and Luxury Opportunities for Sellers
Higher-end condos in the price ranges of $400-$600k and over the price of $800k have been in demand and selling well, as traditionally wealthy boomers continue to retire and settle down, and newly-minted millennials begin accruing wealth. Sellers in these markets are in luck, as condos in these price ranges continue to be bought at an astounding rate.
Still High Competition
Buying property in Minneapolis can be very competitive, there’s no doubting it. It’s not strange to see multiple offers of varying prices on the first day a condo is listed. What this means to you as a buyer is that you probably won’t be able to throw out a low-ball offer and expect it to go through. The listed price (and in some cases, higher that the listed price) is normally the amount the property will sell for in Minneapolis.
The Condo Market is Maturing
Since there hasn’t been much new condo construction since the recession, many of the condo buildings are maturing and becoming a viable living option for Minneapolitans. People no longer look at the buildings as an oddity, they’re now a mainstay of the downtown culture. As people continue to occupy those spaces, move in and out year after year, they’ve left a positive impact on the surrounding community.
Wide Variety of Offerings
Whether you’re searching for a loft with a contemporary, open-layout that’s in walking distance to restaurants, grocery stores or entertainment – or you prefer an upscale condo building with resort-style amenities on-site, there’s something for everyone in Minneapolis. You can truly find a style that fits your personality and lifestyle. There are so many unique types of properties, that you may find it tough to pick the one that’s best for you!
It’s Time to Take Advantage of the Rising Condo Trend in Minneapolis
So, if you’re looking for a lower-end condo, or a luxury condo, now may be the perfect time to buy. However, the market is presently being dictated by sellers; if you’re selling a condo, values are higher than they’ve been in years.
As condo statistics continue to trend upward, the Minneapolis housing market will rise with it. The numbers show no signs of slowing down as more and more people start to realize the benefits of the condo lifestyle.
Looking for the Condo of Your Dreams? Contact AD Hays Group Today!
As the local real estate leader in Minneapolis, AD Hays Group will pinpoint the perfect condo for your needs. Whether you’re looking to downsize after retirement or want to live downtown in an urban environment, our team of experts will work hard to put you in the condo of your dreams. It’s our goal to exceed our client’s expectations with our real estate services.
So what are you waiting for? If you’re ready to get started making your real estate dreams come true, get in touch with AD Hays Group today.