April 2024 Market Insights

Key insights from Mar. 2024 (compared to Mar. 2023)*

• New listings: 5,261 | +4%
• Median sales price: $366,000 | +2.8%
• Closed sales: 3,238 | -0.9%
• Pending sales: 4,028 | +7.8%
• Days on market: 54 | -6.9%
• Inventory: 6,879 | +8.4%
• Months’ supply: 1.8 | +20%

The highlights

• Existing home sales have increased for the second month in a row and shows the largest monthly increase in a year.
• Inventory is up locally (8.4%) and nationally (5.9%).
• Days on market decreased to 54 days while median sales price increased to $366,000.

Once again, economists’ expectations were surpassed as existing home sales increased for the second month in a row, representing the largest monthly gain in a year. The uptick in home sales is credited to lower mortgage rates in December and an increase in inventory.

New listings increased 4% in the Twin Cities, with total inventory levels rising 8.4%. The National Association of REALTORS® (NAR) reports that inventory has grown 5.9% month-over-month and 10.3% year-over-year. Likewise, the national months’ supply of homes for sale is up to 2.9 months.

These metrics gave buyers confidence, which led to a 7.8% increase in pending sales and a 6.9% decrease of days on market. However, because inventory is still limited (despite the increase), the median sales price increased for the eighth month in a row to $366,000.

As we move into spring, it remains a sellers’ market. Time will only tell what impact fluctuating mortgage rates will have on the industry growth seen so far in 2024. However, buyer demand remains high, and inventory continues to grow, which points to the potential of a more balanced market in the future.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 3.3% (as of February 2024)
• Average rates for 30-year conforming mortgage 6.88%**

Ready to help

We are here to help you confidently navigate your housing needs, now and always. Whether you are researching future options, or your circumstances require immediate action, reach out to an Edina Realty agent today for guidance.

*Data courtesy NorthstarMLS for the 16-County Twin Cities metro area for March 2024.

**Data sourced from Freddiemac.com for informational purposes only. Please contact your mortgage consultant for any questions related to specific loan transactions.

Where you live

Edina Realty serves locations across Minnesota and western Wisconsin. Here’s a look at the market indicators where you live. All % changes are year-over-year.

Alexandria Area

• New listings: 101 | +58%
• Avg. sales price: $346,465 | +68%
• Pending sales: 73 | +38%
• Days on market: 77 | -14%
• Inventory: 180 | +80%
• Months’ supply: 2.40 | +85%

Brainerd area

• New listings: 534 | +48%
• Avg. sales price: $337,453 | +11%
• Closed sales: 297 | +16%
• Days on market: 60 | -10%
• Inventory: 953 | +58%
• Months’ supply: 2.50 | +67%

Lake Superior area

• New listings: 284 | +31%
• Avg. sales price: $296,934 | +17%
• Pending sales: 195 | +35%
• Days on market: 51 | +11%
• Inventory: 601 | +40%
• Months’ supply: 2.30 | +44%

Southeast Minnesota area

• New listings: 571 | +5%
• Avg. sales price: $336,405 | +11%
• Closed sales: 360 | +1%
• Days on market: 60 | +5%
• Inventory: 711 | +7%
• Months’ supply: 1.60 | +7%

St. Cloud area

• New listings: 133 | +18%
• Avg. sales price: $244,050 | -7%
• Pending sales: 120 | +35%
• Days on market: 52 | +24%
• Inventory: 186 | +15%
• Months’ supply: 1.70 | +31%

Mankato area

• New listings: 134 | -11%
• Avg. sales price: $242,611 | -9%
• Pending sales: 129 | -17%
• Days on market: 110 | +16%
• Inventory: 278 | +32%
• Months’ supply: 2.00 | +43%

Northwestern Wisconsin area

• New listings: 458 | +31%
• Avg. sales price: $315,741 | +5%
• Closed sales: 283 | +11%
• Days on market: 97 | -8%
• Inventory: 1,137 | +20%
• Months’ supply: 3.40 | +42%

West Central Minnesota area

• New listings: 211 | +2%
• Avg. sales price: $223,566 | +16%
• Pending sales: 201 | +17%
• Days on market: 76 | +15%
• Inventory: 494 | +32%
• Months’ supply: 2.30 | +35%

Bemidji area

• New listings: 69 | +38%
• Median sales price: $250,000 | +32%
• Pending sales: 38 | +15%
• Inventory: 114 | +43%
• Months’ supply: 2.50 | +39%

Leech Lake and surrounding area

• New listings: 52 | +68%
• Median sales price: $330,000 | +25%
• Pending sales: 30 | +36%
• Days on market: 52 | -5%
• Inventory: 130 | +97%
• Months’ supply: 3.10 | +121%

Little Falls area

• New listings: 14 | -26%
• Median sales price: $215,000 | +10%
• Pending sales: 16 | No change
• Days on market: 25 | -4%
• Inventory: 14 | -13%
• Months’ supply: 0.70 | -22%

Southwest Minnesota area

• New listings: 68 | +1%
• Median sales price: $182,000 | +8%
• Pending sales: 58 | -13%
• Days on market: 88 | +14%
• Months’ supply: 2.90 | +45%

Headwaters area

• New listings: 119 | +45%
• Median sales price: $259,900 | +11%
• Pending sales: 70 | +6%
• Days on market: 79 | -13%
• Months’ supply: 3.20 | +68%