Surely, the market's going to level off at some point. Right?
Not yet. A new report out from researchers at the University of St. Thomas finds the metro area's only getting better for sellers, with a $215,000 median price of home sales during January 2016, up 10 percent from a year earlier.
What's more, the 10,131 homes for sale in the 13-county metro is the lowest number they've ever recorded. Available listings dropped 4 percent in just one month, and are down 21 percent from the nearly 13,000 on the market in January 2015.
Another review from Edina Realty finds that sales under $150,000 had fallen by 18 percent since 2015, while sales at every price sector above that were on the way up.
Sellers aren't waiting long to get homes off their hands, either: Both studies found an average wait time of 85 days before a house gets snatched up.
This is dynamite news if you're looking to move. But it's depleting affordable housing. Without "significantly more homes available for sale," prices are only going to go up, according to St. Thomas researchers.
The Twin Cities median sale price ($220,000) falls near the national average ($222,700), but way below high-end markets like San Jose ($940,000) and San Francisco ($781,600). On the other side of the scale, homebuyers in Youngstown, Ohio, can get a house for $81,200, or by promising to buy the current owner a cheeseburger.
The problem is that incomes aren't keeping pace. Last year, median household income fell by about 4.5 percent.