As in many U.S. metro areas, the suburbs of the Twin Cities have enjoyed surging interest from home buyers as the global pandemic has upended how and where people work.
Amid rising crime and lingering unease following spring riots, many suburban buyers have relocated from the urban core of Minneapolis and St. Paul, where the number of homes for sale has swelled.
Yet, this doesn’t mean a new urban exodus is underway.
Also on the rise in the both of those cities: home sales, driven in part by record low mortgage rates that have enticed entry level buyers despite a grim economy.
“If there is an exodus,” says sales agent Pat Paulson of buyers exiting urban neighborhoods, “there’s an inflow as well.”
In Minneapolis, there’s been an 11% increase in listings through the first nine months of this year, buoyed in part by a recent rise in condos for sale.