Here is a look at January home sales In Minnesota.
The housing market continued to normalize as closed sales for January declined 33% compared to the cooling, though still robust market of a year ago. New listings were also down 12.4% across the state, with just under 4,300 properties becoming available. Although mortgage interest rates fell to 6.09% by the end of January—the lowest since September 2022—home buyers struggled with affordability.
“The median sales price was up 3.4% over last year, increasing to $305,000. This slowed demand as the average number of days a home remained on the market swelled almost 21% to 52 days. Consequently, home sellers were accepting slightly smaller offers, receiving over 95% of their asking price compared to almost 99% in January 2022. With slower-moving sales, the overall number of homes for sale increased by almost 15% to 8,565.” [Minnesota Realtors]