MINNEAPOLIS — Editor's Note: The video above originally aired on April, 18, 2022.
Home buyers in the Twin Cities’ had more to choose from and a little less competition than the year before as the number of houses available on the market increased 5.3% from May 2021 to 2022.
The metro area ended last month with 6,797 more homes than at this point in 2021, according to data from the Minneapolis Area REALTORS and Saint Paul Area Association of REALTORS.
After April 2022 ended with 5,758 homes on the market, the month of May provided a big boost for buyers in the cities, even as inflation continues to rise.
There may be a reason for the increase in the number of available homes.
The median price for a house in the metro area rose 9% to $375,000, and the association believes that it’s likely that a new record high could be reached over the next couple of months.
A 11.8% decrease in the number of buyers from last year’s May peak also contributed to more homes being available.
Both Minneapolis and St. Paul saw significant decreases in the number of sales last month. The communities of Buffalo, Champlin and Vadnais Heights saw the largest sales gains, while cities like Andover, Ramsey and St. Michael experienced lower demand than the year before.
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