Luxury Home Market update

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    lux·u·ry

    [‘lekSH(ǝ)rē, luhk-shuh-ree]

    noun: the state of great comfort and extravagant living

    adjective: luxurious or of the nature of a luxury

    October 15, 2013

    Minnesota’s real estate market has been, for the most part, going strong and steady in 2013. But does the market roaring back to life since 2009 apply to the Luxury Home Market as well?

    With the shortage in real estate inventory and the fear and uncertainty buyers felt in 2009-2010, we’ve seen prices increase overall. When it comes to luxury homes in the Twin Cities, inventory is still fairly low but prices have been all over the place. Back in 2011, upper bracket homes originally valued at over $1 million, were selling for $700-800K! Thankfully as we’ve watched the market improve since then, we’ve seen $1 million listings back at the $1 million mark.

    The improved luxury market doesn’t always mean you’ll sell your castle quickly however. The average days on market for a million price point, range between 27 and 40 months, according to the Minneapolis Association of Realtors. So if you’re thinking about listing, prepare to have your home on the market for some time. The Twin Cities offer great job opportunities, experiences, entertainment and lifestyles, but this isn’t New York or Los Angeles and the amount of buyers in that higher bracket is not as abundant in the Midwest. –

    -Chris Rooney

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