Minneapolis Real Estate Market Update - June 2024

 

Overview:

The Minneapolis housing market continues to show dynamic trends, with both listings and sales demonstrating growth compared to the previous year. Let’s dive into the key highlights:

1. New Listings and Pending Sales:

   • Year-to-date, there have been 10.6% more new listings and 1.8% more pending sales metro-wide compared to the same period last year.
   • Seller activity has outpaced buyer activity, resulting in consistent inventory growth.

2. Inventory Levels and Prices:

   • In June 2024, the number of homes for sale increased by 10.6% to 8,905 active listings.
   • Despite additional supply, there are still only 2.4 months of inventory, indicating a seller’s market.
   • Buyers face affordability challenges due to rising prices and higher interest rates.

3. Market Times and Negotiations:

   • Sellers accepted offers at 100.1% of their list price on average.
   • Homes spent an average of 34 days on the market before selling.
   • Single-family homes sell faster (31 days) than condos (56 days).

Outlook:

While the market remains competitive, keep an eye on affordability and inventory dynamics. The Minneapolis real estate landscape is ever-changing, and staying informed is crucial for buyers and sellers alike.

For more detailed data and insights, visit the Minneapolis Area Realtors’ Market Data section.

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Source: Minneapolis Area Association of Realtors (MAAR)

If you have any further questions or need additional information, feel free to ask! 😊