18 Jun Our townhouse market in the Twin Cities
Our townhouse market in the Twin Cities
Many buyers like the investment or living in a townhome. They can live in it or rent in it if allowed by the HOA. Most townhomes are a more affordable alternative to a single-family home or condo in the downtown areas.
What is the townhouse market like right now in the Twin Cities?
Like our single-family inventory, the townhouse market has somewhat of limited homes available. But it depends on the area and price range. Here is a summary for townhomes in the eight county Twin Cities area.
· Coming soon status: 92.
· Active townhomes for sale: 766. The average price is $357,365 and 41 days on the market. You might think 766 is a high number but with the large number under contract, it is not.
· Duplexes in pending sale status (sold but not closed): 1361.This is a big number of townhomes that are waiting to close in the Twin Cities.
· Average days on the market for all is 41 days. Average for pending sales is just 17 days. So, townhomes are selling quickly.
What are the statistics for Townhomes sold in 2021?
For the eight county Twin Cities area we have had 3824 townhomes sell and close so far in 2021. The most common sales price range is $200-$300K with 2059 sales. Average marketing time for those sales was 25.9 days, average list price was $286,311 and average sale price was $292,637.
How can I find a townhome right now?
The simple answer is yes. What will it take? Seeing the Townhomes as soon as they are available,
making strong offers and working with an agent who has experience in this type of market!
If you need advice on anything in Minnesota, just call me at 612-386-8600.
I hope this blog on “Our townhome market in the Twin Cities” was helpful.
Please reach out to me if you have questions about housing in Minnesota at 612-386-8600.
Look for more articles and videos in the future on different aspects of real estate and our state of Minnesota.
Real estate is a wonderful investment!