July 2024 Market Insights

Market Insights—July 2024

• Key insights from June 2024 (compared to June 2023)*
• New listings: 6,358 | -5%
• Median sales price: $390,000 | +2%
• Closed sales: 4,540 | -16%
• Pending sales: 4,469 | -11%
• Days on market: 34 | +10%
• Inventory: 8,905 | +19%
• Months’ supply: 2.4 | +20%

The highlights

• Nationally, housing inventory grew 6.7% since last month for a 3.7 months’ supply of homes.
• Home sales have declined for the third consecutive month due to high mortgage rates and sales prices.
• New listings in the Twin Cities were down 5.8%, yet inventory rose 10.6%.
• Sales prices continue to grow with a 1.8% increase to a median sales price of $390,000.

What is typically one of the busiest months of the year for market activity turned out to be the third consecutive month of home sale declines. Existing home sales have dropped 0.7% month-over-month and 2.8% since last year, while new construction properties saw an unexpected decrease of 11.3% since May (though only a 2.2% fall compared to last year).

We can attribute this lull in activity to increased lending rates and rising sales prices. The Twin Cities showed a 1.8% gain in median sales prices, which is a much more moderate increase than the national median sales price gain of 5.8%. This has led to a nearly ten percent (9.7%) rise in days on market, bringing the average to 24 days.

The good news is that inventory continues to grow with June showing a 10.6% rise in levels, despite a decrease in new listings (-5.8%). This has led to a 14.3% increase in months’ supply of homes, creating a 2.4 months’ worth of inventory. This should empower buyers moving forward and help continue to balance the market, which typically occurs with 5-6 months’ supply.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 2.6% (as of May 2024)
• Average rates for 30-year conforming mortgage 6.89%**

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 June 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: 151 | +15%
• Avg. sales price: $341,838 | -17%
• Pending sales: 89 | -13%
• Days on market: 38 | +23%
• Inventory: 277 | +44%
• Months’ supply: 3.60 | +33%

Brainerd area

• New listings: 688 | -13%
• Avg. sales price: $395,081 | -3%
• Closed sales: 475 | -12%
• Days on market: 38 | +3%
• Inventory: 1,375 | +23%
• Months’ supply: 3.50 | +21%

Lake Superior area

• New listings: 457 | -15%
• Avg. sales price: $343,569 | +3%
• Pending sales: 291 | -14%
• Days on market: 28 | +47%
• Inventory: 859 | +18%
• Months’ supply: 3.30 | +18%

Southeast Minnesota area

• New listings: 568 | -8%
• Avg. sales price: $339,898 | +5%
• Closed sales: 545 | -20%
• Days on market: 32 | -3%
• Inventory: 902 | +17%
• Months’ supply: 2.10 | +17%

St. Cloud area

• New listings: 169 | -7%
• Avg. sales price: $311,727 | +3%
• Pending sales: 130 | -18%
• Days on market: 21 | -38%
• Inventory: 232 | +18%
• Months’ supply: 2.10 | +24%

Mankato area

• New listings: 186 | -9%
• Avg. sales price: $297,630 | +6%
• Pending sales: 139 | -16%
• Days on market: 80 | +8%
• Inventory: 335 | +14%
• Months’ supply: 2.40 | +14%

Northwestern Wisconsin area

• New listings: 554 | -14%
• Avg. sales price: $346,203 | +6%
• Closed sales: 448 | -11%
• Days on market: 81 | +7%
• Inventory: 1,585 | +7%
• Months’ supply: 4.10 | +11%

West Central Minnesota area

• New listings: 293 | -13%
• Avg. sales price: $256,204 | +14%
• Pending sales: 229 | -15%
• Days on market: 56 | +44%
• Inventory: 619 | +18%
• Months’ supply: 2.90 | +16%

Bemidji area

• New listings: 69 | -28%
• Median sales price: $309,625 | +25%
• Pending sales: 48 | -20%
• Inventory: 166 | +23%
• Months’ supply: 3.80 | +23%

Leech Lake and surrounding area

• New listings: 83 | -20%
• Median sales price: $307,500 | -3%
• Pending sales: 59 | +4%
• Days on market: 23 | +109%
• Inventory: 194 | +22%
• Months’ supply: 4.40 | +22%

Little Falls area

• New listings: 27 | +29%
• Median sales price: $299,250 | +7%
• Pending sales: 32 | +52%
• Days on market: 13 | +86%
• Inventory: 23 | +21%
• Months’ supply: 1.20 | +9%

Southwest Minnesota area

• New listings: 104 | -22%
• Median sales price: $190,000 | +14%
• Pending sales: 89 | -14%
• Days on market: 70 | +32%
• Months’ supply: 3.30 | +14%

Headwaters area

• New listings: 135 | -22%
• Median sales price: $259,500 | -2%
• Pending sales: 93 | -21%
• Days on market: 45 | +2%
• Months’ supply: 4.30 | +26%