November 2024 Market Insights

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

• New listings: 5,688 | +12.4%
• Median sales price: $380,000 | +4.1%
• Closed sales: 4,032 | +5.2%
• Pending sales: 3,968 | +14.3%
• Days on market: 45 | +21.6%
• Inventory: 9,885 | +7.8%
• Months’ supply: 2.6 | +4%

The highlights

• New listings continue to grow with a 12.4% increase, leading to a 7.8% rise in inventory and 2.6 months supply of homes.
• Median sales prices are up 4.1% to $380,000, despite growing inventory and slower sales pace (currently 45 days on market).
• Nationally, sales of existing homes fell 1% month-over-month for the lowest level in more than a decade.

New listings continue to grow in the Twin Cities region. A 12.4% increase in new listings has led to a 7.8% rise in inventory levels. Likewise, months supply of homes for sale has grown to 2.6 months, a 4% rise. These metrics indicate that the market is continuing to shift toward becoming more balanced, though we are still firmly in a seller’s market.

As we’ve seen in previous months, home prices continue to gain traction. The median sales price saw a 4.1% bump to $380,000. This is on par with national trends which show a 3% increase from last year. This is despite improved inventory and days on market increasing 21.6% to 45 days.

What has gone against trends seen this fall was the sale of U.S. existing-home sales, which decreased 1% month-over-month and 3.5% year-over-year. This is a little surprising, as an increase in supply of homes for sale and lower mortgage rates traditionally leads to increased existing-home sales. While this is not a major drop, it is the lowest level of existing home sales in more than a decade, according to the National Association of REALTORS®. However, U.S. new-home sales have grown 4.1% month-over-month and 6.3% year-over-year. This has exceeded economists’ expectations and is the highest level of new home sales in nearly a year and a half.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 3% (as of September 2024)
• Average rates for 30-year conforming mortgage 6.78%**

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 October 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: 87 | -3%
• Avg. sales price: $327,795 | -8%
• Pending sales: 82 | +24%
• Days on market: 46 | +21%
• Inventory: 232 | +1%
• Months’ supply: 3.00 | -6%

Brainerd area

• New listings: 443 | -5%
• Avg. sales price: $379,943 | +2%
• Closed sales: 465 | +4%
• Days on market: 46 | No change
• Inventory: 1,414 | +9%
• Months’ supply: 3.70 | +8%

Lake Superior area

• New listings: 364 | +24%
• Avg. sales price: $338,651 | +10%
• Pending sales: 270 | No change
• Days on market: 35 | +21%
• Inventory: 924 | +14%
• Months’ supply: 3.50 | +8%

Southeast Minnesota area

• New listings: 525 | +4%
• Avg. sales price: $329,527 | +4%
• Closed sales: 453 | +2%
• Days on market: 43 | +19%
• Inventory: 1,158 | +10%
• Months’ supply: 2.80 | +11%

St. Cloud area

• New listings: 134 | -3%
• Avg. sales price: $274,339 | -2%
• Pending sales: 135 | +14%
• Days on market: 37 | +12%
• Inventory: 257 | +2%
• Months’ supply: 2.30 | -4%

Mankato area

• New listings: 200 | +2%
• Avg. sales price: $275,355 | +1%
• Pending sales: 137 | +13%
• Days on market: 78 | -11%
• Inventory: 420 | +3%
• Months’ supply: 3.10 | +3%

Northwestern Wisconsin area

• New listings: 482 | +6%
• Avg. sales price: $331,206 | +9%
• Closed sales: 448 | +4%
• Days on market: 80 | +5%
• Inventory: 1,689 | +22%
• Months’ supply: 4.70 | +24%

West Central Minnesota area

• New listings: 279 | +1%
• Avg. sales price: $227,035 | +10%
• Pending sales: 214 | -5%
• Days on market: 60 | +30%
• Inventory: 771 | +14%
• Months’ supply: 3.80 | +15%

Bemidji area

• New listings: 48 | +2%
• Median sales price: $305,722 | +15%
• Pending sales: 41 | +8%
• Days on market: 47 | +18%
• Inventory: 197 | +39%
• Months’ supply: 4.60 | +35%

Leech Lake and surrounding area

• New listings: 50 | +0%
• Median sales price: $350,000 | +8%
• Pending sales: 36 | +6%
• Days on market: 14 | -13%
• Inventory: 198 | +29%
• Months’ supply: 4.90 | +32%

Little Falls area

• New listings: 14 | -42%
• Median sales price: $241,000 | -11%
• Pending sales: 14 | -33%
• Days on market: 19 | +12%
• Inventory: 27 | -25%
• Months’ supply: 1.60 | -16%

Southwest Minnesota area

• New listings: 109 | -1%
• Median sales price: $177,000 | +7%
• Pending sales: 81 | -4%
• Days on market: 79 | +49%
• Inventory: 269 | +23%
• Months’ supply: 4.40 | +22%

Headwaters area

• New listings: 81 | -18%
• Median sales price: $292,500 | +20%
• Pending sales: 75 | -7%
• Days on market: 68 | +30%
• Inventory: 300 | +38%
• Months’ supply: 4.80 | +14%