July 2025 Market Insights

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

• New listings: 6,500 | +0.8%
• Inventory: 9,715 | +2.0%
• Months’ supply: 2.60 | +4.0%
• Pending sales: 4,650 | +3.5%
• Median sales price: $401,000 | +2.8%
• Closed sales: 4,975 | +7.5%
• Days on market: 39 | +11.4%

The highlights

• June saw increases across many metrics, including new listings, sales, inventory and price.
• Inventory continues to increase, though affordability has kept first-time buyers from entering the housing market.
• Sellers continue to receive close to, if not the entire, listing price, though days on market has risen, while buyers are entertaining more options and are patiently waiting for a decrease in mortgage rates.
• Buyers most often seek single-family or existing homes, but may find better value in other property types or locations.

Summer real estate activity continues to grow across the state, with new listings rising 3.7%. Although the Twin Cities showed a more modest 0.8% increase, the rise in inventory has been increasing across the region over the last 20 months (up 4% in June). This has allowed buyers more options to find their perfect home and created less competition per listing. While this has also led to an increase of the days on market by 11.4%, it hasn’t slowed sales, with pending sales up 3.5% in the metro area.

Affordability continues to plague buyers who hoped mortgage rates would decrease but have instead seen fairly consistent rates hovering around an average of 6.82%. First-time home buyers have felt the effect the most, especially as they are also faced with rising home costs, which are now at a record high in the Twin Cities at a median price of $401,000 (+2.8%). Move-up buyers are less impacted with their current home equity allowing them to more easily purchase a new home that better fits their needs.

It isn’t a surprise that a market made up of mostly current homeowners are seeking single-family homes. While there is certainly a market for condos and townhomes, REALTORS® across the state continue to see single-family and existing homes as the most sought-after segment. Single-family and existing homes continue to see the quickest sale (34 days on market) at the highest percentage of offers matching listing prices (100.7% and 100.1% respectively).

Those who are finding themselves priced out of those elusive markets (like first-time buyers) may find the best value in condos and townhomes, which have seen inventory increases of 14.2% and 5.1% and continue to see longer days on market and lower asking prices. But for homebuyers with hearts set on single-family homes, different locations may prove to offer better opportunities.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 3.1% (as of May 2025)
• Average rates for 30-year conforming mortgage 6.75%**

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 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: 150 | -1%
• Inventory: 330 | +13%
• Months’ supply: 4.20 | +11%
• Pending sales: 103 | +20%
• Avg. sales price: $382,970 | +12%
• Days on market: 43 | +16%

Brainerd area

• New listings: 730 | +5%
• Inventory: 1,810 | +23%
• Months’ supply: 4.80 | +26%
• Closed sales: 526 | +10%
• Avg. sales price: $398,137 | -1%
• Days on market: 44 | +16%

Lake Superior area

• New listings: 527 | +12%
• Inventory: 1,068 | +34%
• Months’ supply: 4.00 | +33%
• Pending sales: 361 | +22%
• Avg. sales price: $342,750 | +0%
• Days on market: 30 | +7%

Southeast Minnesota area

• New listings: 652 | +12%
• Inventory: 1,180 | +24%
• Months’ supply: 2.80 | +22%
• Closed sales: 590 | +7%
• Avg. sales price: $376,771 | +11%
• Days on market: 37 | +16%

St. Cloud area

• New listings: 173 | +2%
• Inventory: 315 | +21%
• Months’ supply: 2.90 | +21%
• Pending sales: 128 | +5%
• Avg. sales price: $309,345 | -1%
• Days on market: 39 | +86%

Mankato area

• New listings: 227 | +21%
• Inventory: 416 | +28%
• Months’ supply: 3.00 | +25%
• Pending sales: 153 | +1%
• Avg. sales price: $318,350 | +7%
• Days on market: 68 | -15%

Northwestern Wisconsin area

• New listings: 576 | +4%
• Inventory: 1,834 | +16%
• Months’ supply: 4.80 | +17%
• Closed sales: 552 | +23%
• Avg. sales price: $356,872 | +3%
• Days on market: 91 | +12%

West Central Minnesota area

• New listings: 338 | +10%
• Inventory: 795 | +21%
• Months’ supply: 3.80 | +23%
• Pending sales: 244 | +9%
• Avg. sales price: $247,959 | -3%
• Days on market: 57 | +4%

Bemidji area

• New listings: 69 | +0%
• Inventory: 262 | +58%
• Months’ supply: 6.70 | +76%
• Pending sales: 43 | -10%
• Median sales price: $302,500 | -2%
• Days on market: 34 | +55%

Leech Lake and surrounding area

• New listings: 118 | +42%
• Inventory: 260 | +34%
• Months’ supply: 6.20 | +41%
• Pending sales: 85 | +44%
• Median sales price: $334,900 | +9%
• Days on market: 19 | -17%

Little Falls area

• New listings: 21 | -22%
• Inventory: 41 | +78%
• Months’ supply: 2.40 | +100%
• Pending sales: 16 | -50%
• Median sales price: $280,250 | -6%
• Days on market: 10 | -23%

Southwest Minnesota area

• New listings: 124 | +10%
• Inventory: 290 | +15%
• Months’ supply: 4.20 | +20%
• Pending sales: 78 | -10%
• Median sales price: $215,000 | +13%
• Days on market: 68 | -3%

Headwaters area

• New listings: 155 | +13%
• Inventory: 333 | +22%
• Months’ supply: 6.90 | +50%
• Pending sales: 102 | +11%
• Median sales price: $291,750 | +14%
• Days on market: 59 | +31%