2020 marked record-breaking year for Twin Cities housing market

(FOX 9) - If you’ve been house-hunting in recent months, you know the real estate market remains red hot.

Tom Odegaard sold and purchased a home in 2020, in the middle of the pandemic. He called the process dizzying as he and his wife pored over many appealing offers.

"The first day I think we had like 17 showings, like in the first eight or nine hours - five offers the first day. Then, a battle back and forth. I think we sold within three days of being on the market," he said.

Local realtors declared 2020 a record breaking year on several fronts, as low interest rates and a smaller number of homes on the market pushed the median sales price across the region to a record high $305,000.

"Despite several challenges, the Twin Cities housing market exceeded all expectations," said Todd Walker, President of Minneapolis Area REALTORS®. "Inventory remained a hurdle, but homeowners have never had so much equity in their homes and buyers haven’t seen rates this low in 50 years, offsetting rising prices."

Meanwhile, inventory levels fell 39 percent, but closed sales were up 7.7 percent, with half of the sales having accepted offers in less than 18 days.

So, buyers had to move fast - something realtors are counseling their clients to prepare for well into the new year.

"Predictably, the result of record sales combined with ultra-low inventory meant rising prices and sellers accepting stronger offers in less time," said Tracy Baglio, President of the Saint Paul Area Association of REALTORS®. "Expect to make your decision on the first showing. You’ll be able to get a closer look on the inspection when making offers. Always give it your best shot and many times that may be your only shot."