Skip to Content

Coronavirus pandemic helps real estate market soar

DULUTH, MN -- According to the National Association of Realtors, home sales were up 21% in June compared to May.

That statistic might seem odd given the ongoing pandemic but, it's playing a role in the increase.

Alyssa Denham has lived in her home in Superior for 5 years.

"We just outgrew it," she said.

Denham said with her children getting older she felt her family needed a bigger space so she put her home up for sale after hearing the market was in a stable place.  

"Kind of hearsay around town we heard it was just a good market to sell," Denham said.

Denham's house has been on the market a week and gained traction quicker than expected.

"It's actually pending and we had an offer within 24 hours of listing," Denham said.

The offer, more than the asking price of the home.

Doug Kman, President of Lake Superior Realtors, said this comes as no surprise.

"In Minnesota, home sales are up 8.7% right now and in Wisconsin, they are up 3%," Kman said.

The pandemic playing a role in the surge of buyers. "The federal reserve has cut interest rates to zero percent so that has helped interest rates in the real estate industry be low," Kman said.  

Creating a competitive real estate market in a seemingly rough time according to Kman.  

"With low inventory buyers are struggling to find homes they are really looking for and fighting over the ones that are out there so that's good news for the sellers. The low-interest rates good for the buyers," Kman said.  

Which is great news for people like Denham who are excited to move into something bigger. "

We just need more space more yard more bathrooms," Denham added.

Kman also said the market has been trending this way for years and he expects it to continue to be favorable for sellers.

John Cardinale

Skip to content