$1 Million Buys a Lot of Home — Again
As recently as 3 years ago, a million dollar home wasn’t such a big deal in the Twin Cities.
Suburbs such as Edina and Minnetonka had literally hundreds of them; closer in, in Minneapolis, a home didn’t even have to be particularly impressive if it was located on a city lake (or had a view of one).
Fast forward to today.
There’s now a 31 month supply of $1M-plus homes for sale in the Twin Cities. That’s how long it’s projected to take for the market to absorb all the $1M-plus homes currently for sale. That compares with six months or so for more modestly-priced area homes.
On a purely subjective, Realtor level, I’m amazed at how much home $1 million actually buys today.
In fact, given the economy and tighter credit, the threshold for buying what many people might call a trophy home is probably more like $800k right now.