May 2026 Market Insights

Key insights from April 2026 (compared to April 2025)*

• New listings: 7,445 | +8.9%
• Inventory: 9,847 | +7.2%
• Months’ supply: 2.6 | +8.3%
• Pending sales: 4,807 | +6.9%
• Median sales price: $392,000 | -2.0%
• Closed sales: 3,800 | -3.4%
• Days on market: 57 | +14.0%

The highlights

• Spring activity is up from last year with an increase in new listings, pending sales and inventory.
• Buyers are seeing more home options and are facing less market frenzy.
• Sellers are seeing longer market times, but are still receiving close to asking price.
• Economic concerns and affordability remain a major barrier for many.

Spring activity was up this April, with both buyers and sellers beginning to enter the market for summer sales. New listings increased 8.9% across both the state and the metro, while pending sales rose 7.4% statewide and 6.9% in the metro. Homes for sale also increased 8.1% statewide and 7.2% in the metro. These numbers reflect a more active market than last year, though inventory levels are still a far cry from a balanced market. The good news is that buyers are seeing more options on the market, with less of the competition frenzy seen in previous years. Those looking to downsize or move up are benefiting the most from the equity they’ve earned in their current homes and are helping drive the market. Meanwhile, first-time buyers are still facing affordability challenges. While the job market has suffered less than predicted, and the median home price remained flat at $360,000 statewide — even softening by 2% in the metro to $392,000 — cost remains a major barrier for many. Inflation, interest rates and broader economic concerns have left many buyers sidelined, waiting for better market conditions before making what is arguably the biggest investment of their lives. Sellers are also having to adjust their expectations — and, in some cases, their strategies. With more inventory available, buyers are less likely to rush into making an offer, and sellers are less likely to receive multiple offers above listing price. Across the state, homes spent an average of 64 days on the market, while homes in the metro averaged 57 days on market. And while the percentage of asking price received is slightly down from last year, sellers are still receiving 98.4% of their asking price statewide and 99.3% in the metro. These numbers show a strong start to the busiest real estate season of the year. The economy and job market are showing resilience, and conditions are improving for buyers, helping drive the market forward. Of course, all real estate is hyperlocal and benefits from the expert eye of a REALTOR® who is advocating for your success — whether you’re buying or selling.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 4.5% (as of March 2026)
• Average rates for 30-year conforming mortgage 6.36%**

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 April 2026. **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: 176 | +14%
• Inventory: 249 | -6%
• Months’ supply: 3.00 | -14%
• Pending sales: 121 | +33%
• Avg. sales price: $385,768 | +32%
• Days on market: 71 | +13%

Brainerd area

• New listings: 761 | +3%
• Inventory: 1,534 | +2%
• Months’ supply: 4.00 | No change
• Closed sales: 309 | -8%
• Avg. sales price: $378,720 | +4%
• Days on market: 77 | +20%

Lake Superior area

• New listings: 448 | +8%
• Inventory: 878 | +25%
• Months’ supply: 3.20 | +23%
• Pending sales: 212 | -15%
• Avg. sales price: $317,989 | +1%
• Days on market: 50 | +16%

Southeast Minnesota area

• New listings: 808 | +17%
• Inventory: 1,135 | +11%
• Months’ supply: 2.60 | +8%
• Closed sales: 458 | +8%
• Avg. sales price: $337,903 | Minimal
• Days on market: 47 | -4%

St. Cloud area

• New listings: 218 | +10%
• Inventory: 325 | +29%
• Months’ supply: 2.80 | +22%
• Pending sales: 153 | +13%
• Avg. sales price: $298,225 | -2%
• Days on market: 52 | +21%

Mankato area

• New listings: 287 | +23%
• Inventory: 410 | +14%
• Months’ supply: 2.90 | +12%
• Pending sales: 170 | -2%
• Avg. sales price: $285,462 | -1%
• Days on market: 91 | -5%

Northwestern Wisconsin area

• New listings: 651 | +1%
• Inventory: 1,609 | -4%
• Months’ supply: 4.10 | -9%
• Closed sales: 352 | +9%
• Avg. sales price: $343,000 | +14%
• Days on market: 97 | -8%

West Central Minnesota area

• New listings: 362 | +2%
• Inventory: 833 | +22%
• Months’ supply: 3.90 | +18%
• Pending sales: 262 | +15%
• Avg. sales price: $225,976 | -35%
• Days on market: 79 | +16%

Bemidji area

• New listings: 80 | -5%
• Inventory: 181 | -9%
• Months’ supply: 4.20 | -14%
• Pending sales: 42 | +20%
• Median sales price: $241,275 | -14%
• Days on market: 62 | +41%

Leech Lake and surrounding area

• New listings: 105 | +38%
• Inventory: 188 | +2%
• Months’ supply: 4.00 | -11%
• Pending sales: 40 | +43%
• Median sales price: $359,900 | +34%
• Days on market: 67 | +219%

Little Falls area

• New listings: 27 | -13%
• Inventory: 45 | +50%
• Months’ supply: 2.70 | +59%
• Pending sales: 25 | -4%
• Median sales price: $270,000 | +18%
• Days on market: 24 | +100%

Southwest Minnesota area

• New listings: 132 | -3%
• Inventory: 317 | +12%
• Months’ supply: 4.00 | +14%
• Pending sales: 107 | +15%
• Median sales price: $177,450 | -11%
• Days on market: 79 | +1%

Headwaters area

• New listings: 156 | +10%
• Inventory: 352 | +11%
• Months’ supply: 4.30 | -17%
• Pending sales: 75 | +9%
• Median sales price: $280,749 | +4%
• Days on market: 91 | -5%