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Minneapolis St. Paul News, Weather, Traffic, Sports | Minneapolis, Minnesota | kare11.com

Real estate in Minnesota and Twin Cities metro: A look at the numbers

Learn about market conditions during the month of March and what to expect in the coming months.

The market for home sales in the state of Minnesota continues to be a hot one, according to the latest figures released by Minnesota Realtors, the membership organization supporting all 22,000 realtors in the state. 

Minnesota Realtors CEO Chris Galler spoke with KARE11 and gave an overview of March home sales as well as a look ahead for spring.

  • The shortage of affordable housing continued to squeeze a heated marketed driven by rising buyer demand.
  • Although closed sales increased +3.1% over last March, and pending sales were up +12.1%, activity was dampened by a -10.9% decline in new listings. Homes for sale were down -54.8% over last year, leaving only a one-month supply of inventory statewide.
  • These factors made for an extremely competitive market where the median sales price rose +10.1% to $295,000, and homes went from listing to closing in only 42 days, down -26.3% from 2020.
  • On average, properties received 100.7% of the original price received, up +2.8% from a year ago. In total, March marked a strong end to Q1, with closed sales up +8.5% year to date.

Galler explained that the months supply of homes is low due to a decrease in new listings. Closed sales are up, pending sales are up, median prices are up, closings are faster and most sellers received their asking price.

You can view Minnesota Realtor's March press release here