December 2024 Market Insights

Key insights from November 2024 (compared to November 2023)*

• New listings: 3,691 | -0.2%
• Median sales price: $375,000 | +3.4%
• Closed sales: 3,418 | +3.4%
• Pending sales: 3,133 | +11.7%
• Days on market: 50 | +25%
• Inventory: 8,662 | +2.5%
• Months’ supply: 2.3 | 0.0%

Buyer activity was up; new sellers waited

The highlights

• New listings dipped as sellers sat November out
• Median sales prices ticked up 3.4% to $375,000
• Pending sales activity was up nearly 12%
• The time a home spent on the market before selling increased by 25% to 50 days

Across the Twin Cities metro, nearly 12% more buyers made their highest and best offers than last year; across Minnesota, the increase was 8.5%. This uptick in activity may indicate that more buyers are adjusting to current 30-year mortgage rates, or it may be a symptom of pent-up demand. It is historically typical for sales activity to increase after a presidential election, regardless of the outcome.

Anecdotally, sellers tend to pull back on listing their homes for sale around the holidays, opting instead to ready their properties for the upcoming year and spring market, which often starts as early as February. Overall, the inventory of homes for sale increased 2.5%, which offers hope for a growing supply of homes and more favorable buyer conditions in 2025. The time a home spent on the market before selling was also up, which gave buyers a bit more time to make their choices.

In the year ahead, we’ll be watching unemployment, wage increases and interest rates closely. We anticipate 2025 will see more buyer and seller activity than 2024 with moderate price increases and ongoing challenges around the supply of homes for sale. Read Edina Realty President Sharry Schmid’s 2025 market predictions for a closer look at economic drivers and expecations.

As always, real estate is local. Here are some highlights from around Minnesota:

• The most undersupplied areas were St. Cloud, St. Bonifacius, Richfield and North St. Paul.
• Homes sold the fastest in the Duluth/North Shore region, St. Cloud, Rochester, Ham Lake, Lonsdale and Spring Lake Park.
• The most affordable areas were Hibbing/Virginia, Willmar, Little Canada, Pine City and Lonsdale.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 2.7% (as of October 2024)
• Average rates for 30-year conforming mortgage 6.60%**

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 November 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: 66 | +18%
• Avg. sales price: $357,515 | +16%
• Pending sales: 53 | +10%
• Days on market: 55 | +67%
• Inventory: 214 | +3%
• Months’ supply: 2.80 | -3%

Brainerd area

• New listings: 308 | +4%
• Avg. sales price: $398,759 | +30%
• Closed sales: 344 | +7%
• Days on market: 57 | +27%
• Inventory: 1,259 | +6%
• Months’ supply: 3.30 | +3%

Lake Superior area

• New listings: 198 | -21%
• Avg. sales price: $315,794 | +13%
• Pending sales: 275 | +7%
• Days on market: 37 | +37%
• Inventory: 845 | +13%
• Months’ supply: 3.20 | +7%

Southeast Minnesota area

• New listings: 357 | No change
• Avg. sales price: $323,633 | +4%
• Closed sales: 373 | +1%
• Days on market: 45 | +5%
• Inventory: 1,038 | +6%
• Months’ supply: 2.50 | +4%

St. Cloud area

• New listings: 88 | -3%
• Avg. sales price: $285,060 | +8%
• Pending sales: 90 | +25%
• Days on market: 37 | +12%
• Inventory: 230 | -9%
• Months’ supply: 2.00 | -17%

Mankato area

• New listings: 113 | +6%
• Avg. sales price: $283,931 | +9%
• Pending sales: 104 | -8%
• Days on market: 83 | +19%
• Inventory: 285 | -18%
• Months’ supply: 2.80 | +12%

Northwestern Wisconsin area

• New listings: 274 | +11%
• Avg. sales price: $334,095 | +13%
• Closed sales: 377 | +7%
• Days on market: 82 | +11%
• Inventory: 1,441 | +23%
• Months’ supply: 4.00 | +18%

West Central Minnesota area

• New listings: 184 | -3%
• Avg. sales price: $227,557 | -2%
• Pending sales: 214 | -5%
• Days on market: 60 | +30%
• Inventory: 771 | +14%
• Months’ supply: 3.80 | +15%

Bemidji area

• New listings: 31 | no change
• Median sales price: $305,000 | +15%
• Pending sales: 26 | +37%
• Days on market: 75 | +257%
• Inventory: 185 | +35%
• Months’ supply: 4.30 | +34%

Leech Lake and surrounding area

• New listings: 25 | -11%
• Median sales price: $335,000 | +6%
• Pending sales: 38 | +41%
• Days on market: 78 | +23%
• Inventory: 163 | +29%
• Months’ supply: 3.90 | +26%

Little Falls area

• New listings: 27 | +125%
• Median sales price: $214,900 | -24%
• Pending sales: 11 | +22%
• Days on market: 25 | +67%
• Inventory: 38 | +12%
• Months’ supply: 2.20 | +22%

Southwest Minnesota area

• New listings: 79 | +20%
• Median sales price: $193,750 | +8%
• Pending sales: 76 | -11%
• Days on market: 58 | +7%
• Inventory: 273 | +24%
• Months’ supply: 4.10 | +28%

Headwaters area

• New listings: 48 | -8%
• Median sales price: $258,500 | +16%
• Pending sales: 51 | +2%
• Days on market: 93 | +86%
• Inventory: 303 | +38%
• Months’ supply: 4.30 | +13%