April 2025 Market Insights

Key insights from March 2025 (compared to March 2024)*

• New listings: 5,993 | +12.1%
• Median sales price: $380,000 | +3.5%
• Closed sales: 3,269 | -1.1%
• Pending sales: 4,247 | +5.5%
• Days on market: 58 | +5.5%
• Inventory: 7,632 | +2.1%
• Months’ supply: 2.0 | 0%

The highlights

• March reflects a good start to spring with improvements in key metrics like inventory and pending sales.
• Economic uncertainty may cause this spring growth to slow as fewer buyers are willing to commit amid a turbulent stock market and a lack of confidence in job security.
• Mortgage rates and all-in monthly home payment costs have risen significantly over the years, creating a lack of affordable housing options which have been reflected in a 2% decrease in home sales under $1M.

March showed promising signs of improvement with rising inventory, prices, new listings and pending sales. Spring typically sees a rise in activity as home buyers and sellers have recovered from the holiday season, and the longer days and warmer weather make for easier open houses and moving. However, with activity remaining fairly stagnant so far in 2025, and with continued consumer uncertainty of the market, it was unclear if those trends would hold.

The lowest mortgage rates since October 2024 helped encourage sellers to enter the market and buyers to have a bit more confidence in these major purchases. Signed purchase agreements rose statewide as buyers seemed to reluctantly join the market despite frustrations over affordability and housing options.

Initial reports in April show market shifts with the rise and fall of the stock market and concerns over the economy, job security and global trade. In the meantime, sellers continue to enjoy a market that favors them, accepting 99% of list prices in the Twin Cities metro area. Likewise, reports state that motivated buyers are feeling less pressure in a market with less competition and longer days on market (58 days in the Twin Cities metro area). This is especially true in the condo segment, where time on market is 50% longer than single family homes and condo sellers are accepting weaker offers.

Home prices continue at a steady, healthy increase of 3%, though the sales price of a home is proving to be less of a concern to buyers than mortgage rates and future payments are. Illustrating this point is a comparison of “all-in” payment (mortgage, taxes, insurance) for a median priced home in the metro: in 2021, that cost was $1,800 per month and in 2024 rose to $2,800 per month.

While the market sees spring heading off to a strong start, REALTORS® are continuing to remind clients that it’s better to focus on time in the market to grow equity and not timing the market for “better” deals.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 3.5% (as of February 2025)
• Average rates for 30-year conforming mortgage 6.62%**

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 2025.

**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: 113 | +10%
• Avg. sales price: $314,261 | -9%
• Pending sales: 67 | -11%
• Days on market: 74 | -9%
• Inventory: 190 | -1%
• Months’ supply: 2.50 | -4%

Brainerd area

• New listings: 589 | +8%
• Avg. sales price: $342,633 | +1%
• Closed sales: 242 | -20%
• Days on market: 68 | +13%
• Inventory: 1,174 | +9%
• Months’ supply: 3.10 | +11%

Lake Superior area

• New listings: 304 | +7%
• Avg. sales price: $280,368 | -5%
• Pending sales: 162 | -19%
• Days on market: 50 | No change
• Inventory: 654 | +18%
• Months’ supply: 2.50 | +19%

Southeast Minnesota area

• New listings: 663 | +15%
• Avg. sales price: $310,560 | -7%
• Closed sales: 360 | -2%
• Days on market: 61 | +3%
• Inventory: 902 | +20%
• Months’ supply: 2.10 | +24%

St. Cloud area

• New listings: 155 | +12%
• Avg. sales price: $274,566 | +13%
• Pending sales: 119 | No change
• Days on market: 52 | +2%
• Inventory: 200 | -3%
• Months’ supply: 1.80 | No change

Mankato area

• New listings: 177 | +28%
• Avg. sales price: $299,392 | +23%
• Pending sales: 125 | -10%
• Days on market: 103 | -6%
• Inventory: 331 | +23%
• Months’ supply: 2.40 | +26%

Northwestern Wisconsin area

• New listings: 506 | +10%
• Avg. sales price: $314,964 | Minimal
• Closed sales: 296 | +5%
• Days on market: 115 | +19%
• Inventory: 1,392 | +22%
• Months’ supply: 3.80 | +12%

West Central Minnesota area

• New listings: 274 | +27%
• Avg. sales price: $220,468 | -1%
• Pending sales: 230 | +14%
• Days on market: 66 | -13%
• Inventory: 573 | +10%
• Months’ supply: 2.80 | +17%

Bemidji area

• New listings: 63 | -9%
• Median sales price: $255,000 | +2%
• Pending sales: 27 | -29%
• Days on market: 45 | +73%
• Inventory: 173 | +52%
• Months’ supply: 4.10 | +64%

Leech Lake and surrounding area

• New listings: 73 | +40%
• Median sales price: $355,000 | +8%
• Pending sales: 34 | +13%
• Days on market: 110 | +112%
• Inventory: 142 | +9%
• Months’ supply: 3.40 | +10%

Little Falls area

• New listings: 23 | +64%
• Median sales price: $234,950 | +9%
• Pending sales: 21 | +31%
• Days on market: 51 | +104%
• Inventory: 28 | +100%
• Months’ supply: 1.70 | +143%

Southwest Minnesota area

• New listings: 88 | +24%
• Median sales price: $148,900 | -18%
• Pending sales: 82 | +34%
• Days on market: 75 | -15%
• Inventory: 282 | +17%
• Months’ supply: 3.20 | +7%

Headwaters area

• New listings: 112 | -10%
• Median sales price: $265,496 | +2%
• Pending sales: 57 | -22%
• Days on market: 79 | +1%
• Inventory: 312 | +26%
• Months’ supply: 4.40 | +26%