November 2025 Market Insights

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

• New listings: 5,887 | +2.6%
• Inventory: 10,322 | -1.3%
• Months’ supply: 2.70 | -3.6%
• Pending sales: 3,866 | -2.8%
• Median sales price: $389,900 | +2.1%
• Closed sales: 4,116 | +0.3%
• Days on market: 48 | +6.7%

The highlights

• Buyer activity slowed and more sellers joined the market this October.
• Home prices and financial concerns continue to block buyers from entering the market, especially first-time homebuyers who do not have the equity to put toward a new home.
• While new statistics from the National Association of Realtors® show first-time homebuyers are suffering in the current market, Minnesota remains the only state where Millennials and Gen Z hold more than 50% homeownership rates.

Seller activity continues to grow with new listings rising across the state by 3.3% and 2.6% in the Twin Cities metro, resulting in a 3.1 and 2.7 months supply, respectively. Mortgage rates have also continued to soften, but that hasn’t enticed buyers to move. Pending sales fell statewide 1.7% and 2.8% across the metro. This could be attributed to the natural slowing of the market with the holiday season, a weakening labor market or other financial concerns.

Part of those concerns include rising home costs, which continue to price out many from making moves. In Minnesota, the median sales price rose 0.9% to $351,000, while the Twin Cities area saw a slightly higher increase of 2.1% to $389,000. First-time homebuyers have been having an especially difficult time entering the housing market. Limited inventory, quick turn-times, rising listing prices and high lender rates are all factors that have barred would-be homeowners from moving into a place of their own.

Illustrating this difficulty are some new stats from the National Association of Realtors’® (NAR) 2025 Profile of Home Buyers and Sellers. This annual survey shows that 2024-2025 data have first-time homebuyers making up only 21% of home buyers — down 19% from the normal 40% share seen pre-2008. In addition, the median age of first-time home buyers rose from someone in their late 20s in the 1980s to 40 years old today.

It's important to note that these national averages do not necessarily apply to specific areas. In fact, an Evernest study says that Minnesota is the only state where homeownership is over 50% for Millennials and Gen Z. This is a great reminder that real estate is hyper-local, and prices, times on market and other factors are likely to differ greatly from region to region. Anyone interested in entering the market should contact a real estate expert for personalized insights.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 4.1% (as of August 2025)
• Average rates for 30-year conforming mortgage 6.24%**

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 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: 84 | -5%
• Inventory: 287 | +14%
• Months’ supply: 3.60 | +9%
• Pending sales: 85 | +9%
• Avg. sales price: $382,880 | +17%
• Days on market: 58 | +26%

Brainerd area

• New listings: 512 | +14%
• Inventory: 1,578 | +4%
• Months’ supply: 4.00 | No change
• Closed sales: 508 | +8%
• Avg. sales price: $413,718 | +9%
• Days on market: 59 | +28%

Lake Superior area

• New listings: 388 | +5%
• Inventory: 1,058 | +19%
• Months’ supply: 3.90 | +18%
• Pending sales: 352 | No change
• Avg. sales price: $364,720 | +8%
• Days on market: 46 | +31%

Southeast Minnesota area

• New listings: 597 | +13%
• Inventory: 1,293 | +8%
• Months’ supply: 3.00 | +3%
• Closed sales: 418 | -10%
• Avg. sales price: $335,840 | +2%
• Days on market: 47 | +7%

St. Cloud area

• New listings: 156 | +15%
• Inventory: 305 | +8%
• Months’ supply: 2.70 | +8%
• Pending sales: 133 | +1%
• Avg. sales price: $295,807 | +8%
• Days on market: 47 | +27%

Mankato area

• New listings: 203 | +1%
• Inventory: 482 | +19%
• Months’ supply: 3.50 | +21%
• Pending sales: 110 | -27%
• Avg. sales price: $315,781 | +14%
• Days on market: 74 | -10%

Northwestern Wisconsin area

• New listings: 470 | -2%
• Inventory: 1,787 | +6%
• Months’ supply: 4.60 | -2%
• Closed sales: 462 | +3%
• Avg. sales price: $356,710 | +8%
• Days on market: 90 | +13%

West Central Minnesota area

• New listings: 291 | +3%
• Inventory: 844 | +7%
• Months’ supply: 3.90 | No change
• Pending sales: 237 | +12%
• Avg. sales price: $253,281 | +12%
• Days on market: 61 | +2%

Bemidji area

• New listings: 56 | +17%
• Inventory: 195 | -1%
• Months’ supply: 4.70 | +2%
• Pending sales: 49 | +20%
• Median sales price: $280,000 | -8%
• Days on market: 43 | -9%

Leech Lake and surrounding area

• New listings: 56 | +12%
• Inventory: 217 | +10%
• Months’ supply: 4.70 | -4%
• Pending sales: 53 | +47%
• Median sales price: $365,000 | +4%
• Days on market: 41 | +193%

Little Falls area

• New listings: 26 | +86%
• Inventory: 48 | +78%
• Months’ supply: 2.80 | +75%
• Pending sales: 22 | +57%
• Median sales price: $290,000 | +20%
• Days on market: 38 | +100%

Southwest Minnesota area

• New listings: 104 | -6%
• Inventory: 288 | +7%
• Months’ supply: 4.00 | -11%
• Pending sales: 96 | +22%
• Median sales price: $208,250 | +18%
• Days on market: 70 | -11%

Headwaters area

• New listings: 100 | +22%
• Inventory: 347 | +16%
• Months’ supply: 4.90 | +14%
• Pending sales: 96 | +33%
• Median sales price: $287,000 | -2%
• Days on market: 68 | No change