Corona Virus and the Minneapolis Real Estate Market

The Minneapolis Real Estate market has been a solid market for investors for many years. The Corona Virus has not changed that at all, in fact my opinion is that it made the market even stronger. There has been a desire to invest in the Minneapolis market for many reasons including; steady job growth, lower cost of living when compared to other large Metropolitan areas, a steady increase in property values and rental amounts. 

Even during the Corona Virus pandemic we have seen real estate prices climbing and days on market dropping. At the time of this writing the supply of homes is at 2.2 months! Anything below 5 months is considered a sellers market. The Corona Virus has actuallly caused a shortage of new homes being listed, which has caused prices to soar as buyers find themselves in mulitple offer situations, on almost all homes under $300,000. 

I believe that the real estate market is alive and well in Minneapolis and will not "collapse" due to the Corona Virus. I believe that once people feel comfortable selling their home, and things return to the near normal we will see a flux of sellers attempting to capture this high priced market. This will cause values to flatten out, but I do not believe it will be a crash or even a very large change. Minneapolis will continue to be a strong leader in the real estate market.