Housing market in Twin Cities sees mixed results in 2022
MINNEAPOLIS -- A lack of affordable housing continued to be a problem in the Twin Cities, particularly for first-time home buyers.
Median home prices reached an all-time high in 2022, surpassing $362,000, and inflation rates soared past 9%.
The Federal Reserve hiked interest rates seven times to try and curb those high prices, ultimately doubling existing rates to 7%.
But it's not all bad news for people looking to buy.
"We are seeing a return to a more normal balanced market like that in 2019 and earlier. Frantic bidding and drive-by home buying have given way to thoughtful negotiations between buyers and sellers. The result is a more equitable transition for both sides," Emily Green, president of Minnesota Realtors, said.
The message Realtors are stressing is to be patient; they believe the housing market will get back on track over time.