May 13, 2022 - Real Estate

Twin Cities' luxury housing market explodes. Plus: 4 pricy listings

Photo: 8710 Photography, courtesy of Nathan Landucci

Photo: 8710 Photography, courtesy of Nathan Landucci

Eye-popping listings are just one indicator Twin Cities' luxury real estate market is booming.

What's happening: Every year, there's more and more activity at the luxury price point (anything north of $1 million).

  • "That segment has gone from a buyer's market to a seller's market with under four months of supply," says David Arbit, director of research for Minneapolis Area Realtors.

By the numbers:

  • Luxury home sales were up 25% in 2020 and then up another 50% in 2021.
  • Luxury listings now get 100% of their asking price on average. Pre-pandemic, it hovered around 95% asking, Arbit says.
  • In 2020, luxury homes were on the market for 73 days on average. In 2021, it was 72. Now, they're flying off the market within 20 days on average.

What's next: Luxury market home prices are only going up as demand grows and inventory shrinks.

Number of closed sales over $1m in Twin Cities
Data: NorthstarMLS; Chart: Axios Visuals

Twin Cities' most expensive homes on the market:

1. 700 S. 2nd St., Unit W100 (Minneapolis) — $7 million

  • Specs: 2 bedrooms, 3 bathrooms, 4,370 square feet.
  • Features: Three parking spaces, private elevator, multiple fireplaces, guest suite, outdoor sauna, stunning views and a 3,000-square-foot terrace.

2. 1 Bald Eagle Island (White Bear Lake Township) — $6.6 million

  • Specs: 5 bedrooms, 9 bathrooms, 9,714 square feet.

3. 1719 W. Franklin Ave. (Minneapolis) — $4.85 million

  • Specs: 4 bedrooms, 6 bathrooms, 6,883 square feet.
  • Features: Lake of the Isles views, resistance pool, home office in primary suite, outdoor living spaces, wine room and an elevator.

4. 20 Park Ln. (Minneapolis) — $4.75 million

  • Specs: 4 bedrooms, 5 bathrooms, 4,098 square feet.
  • Features: On Cedar Lake, curved walls, glass-block windows, entire third-floor primary suite and a primary bath with heated floors and a steam shower.

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