31 Jan Minnesota real estate weekly update
Minnesota real estate weekly update
This is Jeff Anderson’s Minnesota real estate weekly update for January 31st, 2024. We have lots to talk about. Read on to find out why this is a buying opportunity.
We review the real estate facts and future trends
The trends of our real estate market
Our winter real estate season is here, and we continue to experience low inventory. The Minnesota real estate market is heading into our spring season which starts right after the Super Bowl. This will bring more buyers into the Minnesota real estate market and a seller’s market.
In this ever changing Minnesota real estate market it’s important to work with an experienced real estate agent. You can imagine the advantage you have when your agent has over 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 December was 120. That compares to 128 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 6,880. That compares to 7,057 at this time in 2024. The Minnesota real estate inventory of homes for sale is down 2.5% 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 587. And that compares to 614 pending home sales in 2023.
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 (December figures). Last year in December we had a 1.9 month supply. The average number of days on the market for the seven-county Twin Cities area was 56 days in December and that compares to 51 days last year.
More Minnesota real estate facts
The median sales price for December was $370,000 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% for December and that compares to 96.7% in 2024. 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 are about 6.65% for conventional and around 6% for FHA/VA. Rates a in limbo since no one knows what the current President will do or how that will effect inflation/rates or our world economy.
What is the future of Minnesota real estate?
We will be getting very busy with our spring market with more buyers coming into the market and more homes coming for sale. March, April, May and June are our busiest Minnesota real estate months.
This is a suitable time to discuss your housing needs for 2024!
Jeff Anderson
The Anderson Team
www.mnrealestate.com
RE/MAX RESULTS
612-386-8600
Sorry, the comment form is closed at this time.