The number of homes for sale is down 22.2% from just a year ago. It's no surprise, then, that the number closed sales is down (but only by 4.1%). That means more buyers per listing, so houses are on the market for a shorter time and prices are going up.
This pressure will continue to raise home values even though mortgage interest rates seem are sure to go up in 2022. If you're looking to buy, it's time to get started before the number of buyers and interest rates increase.
Let's connect and see if we can get the ball rolling toward finding and buying your next home or cabin.
READ MORE ABOUT THE MINNESOTA HOUSING MARKET
When buying or selling a home, it's important to understand the market and gain helpful insights to help you achieve the best results.