Twin Cities Region
Although the news has been sharing jarring information about a potential housing market crash, our local data shows otherwise. The data below is retrieved from the NorthstarMLS and focuses on the Twin Cities - 16 county region. If you are interested in a more in-depth analysis of your area or neighborhood please feel free to reach out. I'll be happy to provide your specific local data.
New listings in the Twin Cities Region dropped by 20.6% compared to August 2021. With fewer homes available, buyer demand is still competitive and sales prices are steadily trending upwards.
The median sales price of homes for the month of August grew to $369,500, a 5.6% increase compared to the month of August last year. This trend is expected to continue moving upward until the market finds a true balance between the seller to buyer ratio.
Good news for buyers is the days on market have slightly increased. This means buyers may have the opportunity to tour a home more than once before submitting an offer.
To no surprise, the 30 year fixed interest rate is up 2.59% since August 2021. The interest rate does impact a buyer's overall buying power, BUT it also decreased the number of buyers in the market. This means the market is still competitive, but not $60k above asking levels.
0-5 months = SELLER'S MARKET
5-7 months = BALANCED MARKET
7+ months = BUYER'S MARKET
My favorite market indicator as a realtor is the months supply. This indicator shows the balance between a Seller's Market and a Buyer's Market. To reach this statistic, professionals calculate how long it would take all the current homes on the market to sell if no new homes were listed and no new buyers entered the market.
The market has balanced a little more since last year, but it is still a VERY strong Seller's Market.
now that you know what's happening in the market..
Now that you know what is REALLY happening in the market supported by local data, you may be interested in starting your home search. Feel free to start a No-Obligation Search here.
