21 Feb Minnesota real estate weekly update
Minnesota real estate weekly update
This is Jeff Anderson’s Minnesota real estate weekly update for February 22nd, 2024. We have lots to talk about.
We review the real estate facts and future trends
The trends of our real estate market
We are in our winter Minnesota real estate season, but spring is in the air, and we continue to experience low inventory. We have now entered our spring real estate season with more buyers are in the market. This is making it a seller’s market and multiple offers for homes that are in good condition and priced fairly.
In this challenging Minnesota real estate marketplace, it is 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 January was 119. That compares to 127 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 6,852. That compares to 6.882 at this time in 2024. The Minnesota real estate inventory of homes for sale is down by .4% from last year at this time. 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 695. And that compares to 759 pending home sales in 2024.
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 (January figures). Last year in January we had a 1.9 month supply. The average number of days on the market for the seven-county Twin Cities area was 66 days in January and that compares to 56 days last year.
More Minnesota real estate facts
The median sales price for January was $370,000 in the Twin Cities area and that is 5% more than last year at this time. The average sale to list price was 96.9% for January and that compares to 96.6% 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 are in limbo since no one knows what the current President will do with tariffs or how that will affect inflation/rates or our world economy. So far into his Presidency it looks like inflation and unemployment will increase.
What is the future of Minnesota real estate?
We will be getting 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
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