Home prices are not the only rising cost for prospective homebuyers. ATTOM Data Solutions’ latest property tax analysis of nearly 87 million single-family homes in the U.S. found the average property tax bill rose 4.4 percent from 2019 to 2020, to an average of $3,719 for a single-family home. Nationwide, the average effective tax rate was 1.1% of the property’s value in 2020, down slightly from 1.14% in 2019.
In the Twin Cities region, for the week ending April 10:
• New Listings increased 27.1% to 1,658
• Pending Sales increased 20.8% to 1,249
• Inventory decreased 49.3% to 5,086
For the month of March:
• Median Sales Price increased 10.4% to $328,000
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 52.6% to 0.9