Minnesota Real Estate Market Update
It’s always a good idea to keep an eye on market conditions. Wondering how the real estate market in Minnesota is doing right now? Here’s the most recent market update from Kathy and Sarah.
Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.
From this time last year New Listings in Minnesota increased 6.6 percent, Pending Sales were up 27.7 percent and Inventory Levels fell 42.0 percent. Prices continued to gain traction. The Median Sales Price increased 11.5 percent to $279,900. Days on Market was down 8.9 percent to 41 days. Sellers were encouraged as Months Supply of Homes for Sale was down 42.4 percent to 1.9 months.
While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.
Want your home to defy the odds? Trust Kathy and Sarah to help you sell your home on the timeline and for the value that you want.Email Us Now Call or Text