St. Louis Park, MN Homes for Sale: Current State of the Market
If you've been thinking about buying a home in St. Louis Park, MN, this may be the best time we've seen for buyers in the past 18 months. The St. Louis Park, MN real estate market is starting to show signs of slowing, partly due to seasonal slowdowns but also due to a stabilization in the housing market. Home values continue to increase, but at a slower rate than some other Minneapolis suburbs. Let's take a look at the state of St. Louis Park, MN homes for sale and how it impacts you as a buyer or a seller.
Current St. Louis Park home selling prices
According to Redfin, selling prices for homes in St. Louis Park were up 4.2% in October 2021 compared to October 2020, with a median selling price of $358,000. With some neighboring communities experiencing even higher pricing increases, buyers can expect to get more home for their money, making St. Louis Park a very attractive investment.
More desirable homes can sell for up to 4% over the asking price and often go to pending status in as little as one week.
Over the past year, homes in St. Louis Park have sold for approximately 1% over the asking price, lower than other areas. This is an indicator that buyers are experiencing slightly less competition than other communities in the western suburbs of Minneapolis.
How quickly are St. Louis Park homes selling?
Homes have continued to sell quickly (moved to pending status), typically about 19 days. They are spending a slightly longer time on the market for this area in 2020. Sellers can expect their homes to be on the market no longer than 30 days in most instances.
St. Louis Park home inventory
Overall, the St. Louis Park home sales and inventory are down compared to the wild market we experienced in 2020. We are also experiencing a seasonal reduction of inventory, typical as the colder weather sets in. While inventory is lower, the number of active buyers in the market is also down. This can lead to more opportunities for buyers to place offers with fewer competitors vying for the same property.
While multiple offers are still likely, especially for highly desirable homes, the number of multiples is trending down and should continue through the holiday season. Activity is expected to pick up after the first of the year.
Now is a great time to buy a home in St. Louis Park!
If you've been thinking about buying a home in St. Louis Park but have been waiting for the market to settle down, this may be the perfect time to buy. Prices have stabilized, you'll have less competition, and this area continues to prove itself as one of the best places to live in the Twin Cities.
At The Advisory Real Estate Group, we live, work, and play in the area and love helping people just like you find the perfect St. Louis Park home.
Have a home to sell? We'll help you get the best price possible and make the move to your new home easy and fun. Give us a call today at 612-712-8678 to get started!
Photo credit, Explore Minnesota. No copyright infringement is intended.
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