What's My Savage Minnesota House Worth? June 2023
The median home value in Savage, MN is $418,790. However, the actual value of your home may be higher or lower depending on the specific factors of your property.
Here are some factors that can affect the value of your home:
- Size: The larger your home, the more it is worth.
- Age: Homes that are newer tend to be worth more than homes that are older.
- Condition: Homes that are in good condition tend to be worth more than homes that are in need of repairs.
- Location: Homes in desirable locations tend to be worth more than homes in less desirable locations.
- Amenities: Homes with amenities such as pools, hot tubs, and fireplaces tend to be worth more than homes without these amenities.
If you are considering selling your home, it is important to get an accurate Home Value Report. This will help you set a realistic asking price and avoid overpricing your home.
The real estate market is currently experiencing a low inventory supply, as indicated by the Months Supply of Inventory metric at 1.17. This means that if no new properties are added to the market, it would take just over a month for all current properties to be sold.
The 12-Month Change in Months of Inventory is +10.38%, indicating that there has been an increase in the number of homes available for sale in the past year. This could be due to a variety of factors such as an increase in new construction or a decrease in buyer demand.
Despite the increase in inventory, the Median Days Homes are On the Market is only 19, which suggests that homes are selling quickly. This could be due to a high demand from buyers or well-priced homes that are priced to sell quickly.
The List to Sold Price Percentage is 101.3%, meaning that homes are selling for slightly above their asking prices. This indicates that the real estate market is currently a seller's market, with a high demand for homes and limited supply.
Finally, the Median Sold Price is $437,500, which is a useful indicator for buyers and sellers to understand the current state of the market. This information can be used to set realistic expectations for both buyers and sellers in terms of pricing and negotiating.
Overall, these metrics suggest that the real estate market is currently favoring sellers, with limited inventory and high demand leading to quick sales and slightly above asking prices. However, the increase in inventory over the past year could indicate a shift in the market towards a more balanced state in the near future.
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