22 Mar Minnesota real estate weekly update
Minnesota real estate weekly update
This is Jeff Anderson’s Minnesota real estate weekly update for March 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 have now entered our spring real estate season with more buyers are in the mark than sellers. 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
Our current housing affordability Index and for Minnesota real estate for February was 117. That compares to 123 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 7,222. That compares to 7,221 at this time in 2024. 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. Minnesota real estate pending sales for the last week (sold but not yet closed) was 886. And that compares to 913 pending home sales in 2024 for same week. Pending sales are down 3.9% for the last three months compared to last year.
We find in an average real estate market that we would have a three-month supply of housing inventory. We now have 2 months (February figures). Last year in February we had a 1.9 month supply. The average number of days on the market for the seven-county Twin Cities area was 69 days in February and that compares to 59 days last year.
More Minnesota real estate facts
The median sales price for February was $380,000 in the Twin Cities area and that is 6.1% more than last year at this time. The average sale to list price was 97.1% for February and that compares to 97.5% 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 6.25% 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 the new Presidency it looks like inflation and unemployment will substantially 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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