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 Sarah, Kathy and Al.
2021 started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.
The 2021 housing market is proving to be competitive for buyers. From this time last year New Listings in Minnesota decreased 14.8 percent, Pending Sales decreased 0.8 percent and Inventory Levels fell 51.6 percent. Prices continued to gain traction. The Median Sales Price increased 10.6 percent to $282,000. Days on Market was down 25.4 percent to 47 days. Sellers were encouraged as Months Supply of Homes for Sale was down 57 percent to 0.9 months.
2021 signals suggest buyer demand will remain elevated and tight inventory will continue to invite multiple offers and higher prices across much of the housing inventory. Mortgage rates are expected to remain in the low 3 percent range for the year.
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