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3 <br />SINGLE FAMILY RESIDENTIAL <br />The availability of single family homes for <br />sale in Elk River were at their highest point <br />in 2016. <br /> <br />The inventory dropped substantially in <br />2017, rose slightly between 2017 and 2018 <br />and inventory trended slightly upward again <br />in 2019 and dropped considerably in 2020. <br /> <br /> <br />The median sales price of single family <br />homes in Elk River has risen to nearly <br />$320,000. <br /> <br />The demand for homes here and in the <br />northwest metro and the low supply of <br />buildable lots and low interest rates can be <br />attributed to increasing home prices. <br /> <br /> <br />The supply of homes for sale since Q1 of <br />2016 in Elk River has decreased from three <br />months to just under two months supply in <br />Q3 of 2018. <br /> <br />We saw a comeback in 2019 settling off at <br />a 2.8 month supply. In 2020, the supply <br />was less than 1.25 months.