As we move into fall, I wanted to provide you with the latest real estate market update for the Minneapolis-St. Paul metro area
for the month of September. Here’s a snapshot of how the market is performing:
- Pending Sales: Pending sales remained flat compared to last year but showed a slight decline of just under 10% from
August. This indicates that while buyer activity has softened slightly month-over-month, it’s holding steady on an annual
basis. - Months Supply of Inventory: The months supply of inventory has increased by 8%, now sitting at 2.7 months. This uptick
suggests a shift towards a more balanced market, offering buyers more options to choose from compared to earlier this
year. - Closed Sales: Closed sales have decreased by 17.7% year over year. This reflects the impact of market conditions, such as
higher prices and fluctuating interest rates, influencing buyer decisions. - Homes for Sale: The number of homes for sale has risen by 5.8% year over year, providing a larger selection for buyers and
easing some of the competitive pressures seen in previous months. - Mortgage Rates: We’re also seeing a slight decrease in mortgage rates, with the average APR for a 30-year fixed-rate loan
around 6.24%. While rates remain higher than during the recent boom, this drop could help prospective buyers find more
affordable financing options.
As the market continues to adjust, it’s becoming a more favorable environment for buyers with increased inventory and
easing mortgage rates. For sellers, a strategic pricing and marketing approach will be key to standing out in a more
competitive landscape.
If you’re considering buying or selling a home or just want to know how these trends might affect your real estate decisions,
feel free to reach out. I’m here to help guide you through the current market conditions.
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