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: 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. 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. 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 m...