According to the Minnesota Realtors Association, the May real estate market in Minnesota stayed strong with closed sales up +14.5% over last May, and pending sales increasing by +9.4% year over year. Demand continued to squeeze available inventory as new listings only inched above last May’s levels at +0.2%. The median price rose to $310,000, up +15.7% from 2020, an all-time high median sales price.
Days on market dropped by -37% to just 29 days, a historic low. Buyers are feeling the pressure and pursuing homes with multiple offers while houses come on and off the market very quickly.