August 2024 Market Insights

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

• New listings: 6,317 | +7.2%
• Median sales price: $385,000 | +2.7%
• Closed sales: 4,519 | +1.2%
• Pending sales: 4,221 | -4.2%
• Days on market: 36 | +24.1%
• Inventory: 9,398 | +11.4%
• Months’ supply: 2.5 | +13.6%

The highlights

• Existing home sales continue to lag across the country.
• Higher mortgage rates and increased sales prices have stopped many potential buyers from entering the housing market.
• Nationally, the market is becoming more balanced with a 4.1 month supply of homes, giving buyers confidence.

July continued to follow the trends seen in June, with existing home sales declining nationally both month-over-month and year-over-year by 5.4%. Specifically in the Twin Cities and surrounding areas, pending sales were down 4.2%, despite a 7.2% increase of new listings.

This decline is due to higher mortgage rates and increased sales prices. The median sales price rose to an all-time high nationally, with a 4.1% year-over-year increase to $426,900, whereas the 16-county metro area had a much more moderate increase of 2.7% to $385,000. The growth in median prices is predicted to slow down in the future with the decrease in sales and increase of inventory.

Inventory levels saw an 11.4% rise and days on market were up 24.1% to 36 days, which led the months supply of homes to increase by 13.6% to 2.5 months. Nationally, inventory was at its highest level since 2020 with a 4.1 months supply of homes. These indicators are great signs for buyers who have been waiting for more options and a less competitive market.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 3.7% (as of June 2024)
• Average rates for 30-year conforming mortgage 6.49%**

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 July 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: 133 | -2%
• Avg. sales price: $360,348 | +3%
• Pending sales: 116 | -2%
• Days on market: 38 | +12%
• Inventory: 280 | +41%
• Months’ supply: 3.70 | +37%

Brainerd area

• New listings: 647 | -0%
• Avg. sales price: $382,632 | +0%
• Closed sales: 472 | -1%
• Days on market: 42 | +40%
• Inventory: 1,484 | +27%
• Months’ supply: 3.90 | +26%

Lake Superior area

• New listings: 458 | -5%
• Avg. sales price: $319,887 | +6%
• Pending sales: 319 | -2%
• Days on market: 31 | +55%
• Inventory: 893 | +11%
• Months’ supply: 3.50 | +9%

Southeast Minnesota area

• New listings: 631 | +16%
• Avg. sales price: $342,836 | +10%
• Closed sales: 458 | -2%
• Days on market: 36 | +44%
• Inventory: 1,035 | +25%
• Months’ supply: 2.50 | +25%

St. Cloud area

• New listings: 165 | +5%
• Avg. sales price: $305,271 | +10%
• Pending sales: 136 | No change
• Days on market: 29 | +38%
• Inventory: 248 | +25%
• Months’ supply: 2.20 | +22%

Mankato area

• New listings: 212 | +26%
• Avg. sales price: $315,796 | +15%
• Pending sales: 156 | -5%
• Days on market: 77 | +13%
• Inventory: 367 | +24%
• Months’ supply: 2.70 | +29%

Northwestern Wisconsin area

• New listings: 571 | -2%
• Avg. sales price: $332,026 | +5%
• Closed sales: 456 | +5%
• Days on market: 78 | +15%
• Inventory: 1,687 | +10%
• Months’ supply: 4.70 | +18%

West Central Minnesota area

• New listings: 335 | +1%
• Avg. sales price: $237,149 | +7%
• Pending sales: 253 | -4%
• Days on market: 50 | +11%
• Inventory: 677 | +16%
• Months’ supply: 3.20 | +14%

Bemidji area

• New listings: 72 | -12%
• Median sales price: $274,025 | Minimal
• Pending sales: 49 | No change
• Inventory: 168 | +17%
• Months’ supply: 3.80 | +15%

Leech Lake and surrounding area

• New listings: 87 | +5%
• Median sales price: $339,950 | -5%
• Pending sales: 49 | -34%
• Days on market: 24 | +4%
• Inventory: 228 | +47%
• Months’ supply: 5.40 | +54%

Little Falls area

• New listings: 27 | -31%
• Median sales price: $270,000 | -10%
• Pending sales: 11 | -48%
• Days on market: 11 | -15%
• Inventory: 34 | +13%
• Months’ supply: 1.90 | +19%

Southwest Minnesota area

• New listings: 135 | +10%
• Median sales price: $175,000 | -2%
• Pending sales: 90 | -12%
• Days on market: 55 | +4%
• Months’ supply: 3.80 | +23%

Headwaters area

• New listings: 139 | -7%
• Median sales price: $286,600 | +4%
• Pending sales: 95 | -12%
• Days on market: 77 | +133%
• Months’ supply: 4.70 | +24%