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 and Al.
We have had our “running shoes” on since the pandemic hit, but now the market is starting to shift. So, what are we seeing? According to the National Association of REALTORS®, the percentage of first-time home buyers fell to 31% in June, the lowest level in more than three decades. Cash offers, bidding wars, waived inspections, and soaring home prices were making it increasingly difficult for first-time buyers to compete in a market with record low inventory and declining housing affordability, even as 30-year mortgage rates dropped below three percent (3%) for the first time since February. As summer ends, we are starting to see properties sell at or below list price and home inspections included on Purchase Agreements again.
From this time last year New Listings in Minnesota decreased 0.2 percent, Pending Sales decreased 14.2 percent and Inventory Levels fell 34.8 percent. Prices continued to gain traction. The Median Sales Price increased 12.5 percent to $315,000. Days on Market was down 43.2 percent to 25 days. Sellers were encouraged as Months Supply of Homes for Sale was down 34.8 percent to 1.5 months.
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