There isn’t much on the market this spring. That was true last spring too as the homes that were for sale were quickly purchased.
This year fewer Twin Cities homeowners are selling. The houses that are on the market sell very quickly. There is a 1.5-month supply of houses on the market in the metro area.
New listings are down 21.29%. Higher interest rates are largely to blame. Homeowners are staying put rather than moving and paying higher interest rates. We are seeing a lot of cash offers this spring too.