Record breaking real estate prices in Minnesota

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.

Infographic with May home sales
May 2021 Home sales
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