 Closed sales were up +10.9% over last April as pending sales soared +32.0%, and new listings surged +18.2%, according to Minnesota Realtors® (MNR), the membership organization supporting all 22,000 Realtors in the state. But the rapidly heating market was tempered by the widening gap between buyer demand and available inventory. With just a one-month supply of housing inventory available, the number of homes for sale dropped 51.7% from 17,634 homes in April 2020 to only 8,519 homes this April. The median sales price hit $305,000, a +10.9% increase over last April, and days on market shriveled -25.0% as multiple offers on properties became the norm. On average, properties were selling for +102.1% of the original price, a 3.3% bump over 2020.
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DAVID BURKUMWhen buying or selling a home, it's important to understand the market and gain helpful insights to help you achieve the best results. 
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May 2022
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