Minnesota May 2024 housing report from the Minnesota Realtors:
Supply levels are on the rise as home prices continue their ascent
Seller activity was flat while buyers were less active compared to May of 2023. Supply levels are up for the tenth consecutive month as home prices continue increasing.
Many consumers and real estate professionals were expecting fixed mortgage rates to be lower by now, which has caused some buyers to postpone purchase decisions due to declining affordability levels.
Even as closed sales and inventory increased, new listings and pending sales fell compared to last May, an indication that the market has been slightly cooler this spring.
“Despite the slowdown in new listings in May, anytime we see inventory levels rise overall, it’s a good sign,” said 2024 MNR President Geri Theis. “Both buyers and sellers can find opportunities in this market by working with a trusted local Realtor®.”
May Year-Over-Year Summary of Key Market Indicators:
- Closed sales: 6,575 (up 10.0%)
- Median sales price: $350,000 (up 2.9%)
- Average sales price: $411,949 (up 5.2%)
- New listings: 9,996 (down 1.7%)
- Pending sales: 6,912 (down 5.7%)
- Days on the market: 37 (up 5.7%)
- Homes for sale: 13,910 (up 16.3%)
