Inventory is up, prices are rising, and homes are taking longer to sell—here’s what the latest market update reveals.
We are almost three months into the year, and this has been a spring market like no other. The latest numbers from the Greater Twin Cities area reveal how the local housing market is shifting. Here’s everything you need to know:
A slight increase in inventory. Looking at weekly data from the 13-county metro area through the last week of April, inventory has shown a slight uptick. There are 5% more homes available compared to the same time last year.
Days on the market. Homes are now averaging 46 days on the market, up from 40 days a year ago. Even with that increase, the supply of homes remains tight, with only 2.4 months of inventory available. A balanced market typically has a supply of four to six months, which means this is still a seller’s market.
Home prices are on the rise. Over the past 12 months, home prices have continued to rise. The average sale price has increased by 4.1%, reaching nearly $457,000. This ongoing appreciation reflects the strength and resilience of the local market.
Whether you’re thinking about buying, selling, or simply tracking the value of your home, understanding the latest trends is essential. If you have questions or need guidance, just reach out. You can visit us at Welcome to John Schuster Group or call or text 952-222-9000 for a no-obligation, confidential assessment of your situation. I look forward to hearing from you.
