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How Did the Chanhassen Real Estate Market change in 2021 from 2020?

The data pulled is for the rolling twelve months from January 1^st to December 31^st in 2020 and 2021 to compare and see how the market changed in Chanhassen, Minnesota between those two years.  

Three summaries for the Chanhassen real estate market looking at the numbers:

1.      It remains a seller’s market.  Inventory is still low with even with single family homes for sale virtually remaining the same and the number of townhomes and condos increasing.   With the market supply remaining under 4 months, (was 1 month for 2021) it appears it will most likely continue carrying through 2022. For the market to become a balanced market, the inventory supply should be within 5-8 months.

2.      The Average Sales Price and price per square foot is up for Chanhassen home sales, as is the list price to sale price ration. The average Days on Market and the Month Supply of Inventory decreased for both Chanhassen single family, townhome, and condo sales.

3.      The average Chanhassen home sales price increased by 9.8%, lower than the National average increase of 18.1% an  Twin Cities average sales price increase of 11.3%, but higher than the Minnesota average home sales price increase of 5.8%.   

Buyers do remain frustrated with the shortage of available homes on the market, the rising prices and now rising interest rates. First time homebuyers led home sales a majority of 2021, highest in the fourth quarter. With the low inventory numbers and as interest rates continue to rise, many first-time homebuyers are putting their search on hold and re-signing or extending their leases.  Other first time Eden Prairie homebuyers are still determined to fulfil their dream of home ownership, hoping the right home for them comes on the market soon.

Although many homeowners in Chanhassen, MN believe now is a great time to sell their home, a good number are waiting  to do so, fearing they will not be able to locate a new home or the price of the new may not outweigh selling their current.  There are options for home sellers with these worries.  We are happy to sit down and discuss possible options for you and your needs if a move has been a plan or goal of yours, we would love to see you accomplish it and help you do so anyway we can. 

For a complimentary, no obligation consultation to discuss the current real estate market and your Chanhassen property, as well as available options when selling your home or buying real estate.  We are available even to provide advice on the return on investment you can get selling in the future with specific updates and upgrades you select.  Contact us at the information below or schedule online at calendly.com/weluhometeam.

Contact Information:  WeluHomeTeam.com | 952-943-1324 | team@weluhometeam.com

Information about blog author - Cindy Welu is a local real estate professional who has been selling homes in and around the Chanhassen community since 2000.  She, along with her business partner, strive to be a local real estate resource and serve the Chanhassen community by getting them the best results possible when buying, selling, or investing in real estate. This mother-daughter real estate team focuses on creating client experiences that deliver top results for those they work with. A few of her designations include Certified Luxury Home Marketing Specialist, Accredited Staging Professional, Graduate of the Realtor Institute and Property Marketing Specialist.