05/21/2024
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🏡 Minnesota Housing Market Update! 🏡
Listings are rising twice as fast as sales, but buyer demand continues to outpace supply. April saw increased activity from both sellers and buyers compared to last year. However, affordability remains a challenge. Our April affordability index indicates that many buyers with median incomes can't afford median-priced homes. More supply is needed, especially for first-time buyers.
📊 April Year-Over-Year Summary:
Closed Sales: 5,465 (+17.9%)
Median Sales Price: $350,000 (+4.5%)
Average Sales Price: $405,208 (+4.6%)
New Listings: 9,042 (+20.3%)
Pending Sales: 6,283 (+7.7%)
Days on Market: 42 (no change)
Homes for Sale: 12,408 (+18.2%)
🗣️ "Even as inventory levels rise, sellers still have the upper hand," says Geri Theis, President of Minnesota Realtors®. "Buyers have more options, but competition is still fierce, especially if rates drop."