Here are the most recent housing statistics in Minneapolis–St. Minneapolis–Saint Paul Housing Market Trends (Describes Twin Cities) The declines are due in part to the exceptional strength of the 2021 market and also a reaction to rising mortgage rates. Sellers sold 20.2 percent fewer homes than in July of last year. However, over a decade of underbuilding has resulted in fierce competition for the majority of listings.ĭespite lower inventory levels, there are signs that supply is beginning to stabilize as the inventory of homes for sale is up 13.9% from last July. The Twin Cities currently has less than seven weeks' worth of inventory, whereas a balanced market has four to six months' worth. Given a chronically undersupplied market with strong demand, home prices are expected to rise further, albeit at a slower pace due to rising mortgage rates.īuyers spend approximately $205 per square foot on average. The housing supply is now 1.7 months, which is still a sign of a strong seller's market. The ongoing inventory shortage is primarily to blame, though the housing inventory in July increased by 13.3 as compared to last year. The Twin Cities housing market remains strong, with the median price reaching $375,000 in July 2022, a 7.1 percent increase from last year, according to new data from the Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®. The waterfront is home to many cultural landmarks and coveted waterfront real estate. They’re separated by the Mississippi River.
Minneapolis–Saint Paul is a major metropolitan area and is commonly known as the Twin Cities after its two largest cities-Minneapolis and Saint Paul. Our focus for real estate investment would be the Minneapolis housing market-the entire twin city metro area-and we shall also share the top reasons to invest in this region. We'll be discussing the housing market trends for the Twin Cities Metro Area in 2022. This article has been updated to reflect recent changes in the Minneapolis real estate market due to the coronavirus pandemic.
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