From the Minnesota Association of Realtors
In an economy battered by a global pandemic and locked down by a state-wide Stay at Home directive, the Minnesota real estate market showed surprising resiliency in key areas.
- Statewide closed sales were up +1.1% in April compared to a year earlier
- Days on market fell by -12.7% to 48 —less than seven weeks
- Median Home Prices increased to $275,000, +9.4% higher than 2019
- Average Sale Price increased by +5.3% to $305,539
- Sellers received 98.8% of their asking price
- The Affordability index held steady at 161, the same as the previous year
“All in all, the real estate market held up through the first full month of the governor’s Stay at Home order,” said Chris Galler, CEO of Minnesota Realtors®. He credited the swift action of the state’s real estate community in upgrading their online platforms and adopting virtual open houses and showings.
New listings were down by almost 26% statewide, which isn’t surprising considering our homes are now our offices and schools and where we stay 26 hours a day.