Minnesota real estate weekly update

Minnesota real estate

Minnesota real estate weekly update

Minnesota real estate weekly update


This is Jeff Anderson’s Minnesota real estate weekly update for April 12th, 2024. We have lots to talk about.


We review the real estate facts and future trends


The trends of our real estate market


Our spring real estate season is here, and we continue to experience low inventory. This spring our Minnesota real estate market brings us more buyers into play and creates a seller’s market because of the limited inventory.

See my blog from this week about the NAR settlement and how that might affect MN real estate.

It is important in this market to work with an experienced real estate agent. You can imagine the advantage you have when your agent has 30 years of experience. Real estate experience is priceless!


The facts


A good reading is our current housing affordability Index and for Minnesota real estate for February was 123. That compares to 133 at the same time last year. The higher the number equals greater home buying affordability in the Minneapolis/St. Paul area. The current inventory of homes for the seven-county area that are for sale is 7,029. That compares to 6,275at this time in 2023. The Minnesota real estate inventory of homes for sale is up 12% from last year. An interesting fact, in 2009 when we had our first real estate correction in 40 years in Minnesota, we then had over 36,000 homes for sale. The Minnesota real estate pending sales for the last week (sold but not yet closed) was 933. And that compares to 943 pending home sales in 2023. We are up 8.1% for the last three months compared to the year before.

We find in an average real estate market that we would have a three-month supply of housing inventory. We now have 1.8 months (February figures). Last year in February we had a 1.4-month supply. The average number of days on the market for the seven-county Twin Cities area was 59 days in February and that compares to 61 days last year.


More Minnesota real estate facts


The median sales price for February was $358,000 in the Twin Cities area and that is 4.6% more than last year at this time. The average sale to list price was 97.5% for February and that compares to 97.2% in 2023. To see more Minnesota real estate market information visit my website at https://www.mnrealestate.com/twin-cities-information/area-appreciation-rates/. You will find comprehensive and up-to-date facts about our Minnesota real estate market!


Our current interest rates in the Twin Cities


 We thought inflation to be under control, but this week’s news has the Federal Reserve not looking to lower rates until those numbers improve. Soonest would be a .25-point reduction in June but that is iffy. Interest rates are 6.5% for conventional and 6 for FHA and VA mortgages. Let me know if you need to speak to a lender who has those low rates.


What is the future of Minnesota real estate?


Our real estate market is heating up, so it is best to buy before we see the intense competition of years past. Expect to see a 2-4% jump in prices this spring. We are currently busier this spring than we were last year.

This is a suitable time to discuss your housing needs for 2024!

Jeff Anderson

The Anderson Team






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