This just in from Minnesota Realtors. April 2024 definitely outperformed April 2023.
“The Minnesota housing market, along with the weather, is heating up. Seller activity increased, and buyers were also more active compared to April of 2023. Home prices and inventory both rose, but affordability issues persisted due to supply and demand imbalance.
Our April affordability index shows that the majority of buyers with median incomes don’t make enough to afford median priced homes. To that end, more supply is still needed across the price spectrum, especially in ranges first-time buyers can afford.
“Even as inventory levels rise, sellers are still finding they have the upper hand in most areas and price points,” said Geri Theis, President of Minnesota Realtors®. “Buyers should understand that while they have more options, there is still competition. That’ll be even more true if rates fall.”
April Year-Over-Year Summary of Key Market Indicators:
• Closed sales: 5,465 (up 17.9%)
• Median sales price: $350,000 (up 4.5%)
• Average sales price: $405,208 (up 4.6%)
• New listings: 9,042 (up 20.3%)
• Pending sales: 6,283 (up 7.7%)
• Days on the market: 42 (no change)
• Homes for sale: 12,408 (up 18.2%)”
[April Housing Market Report]
