2024 Annual Housing Market Report
Buyers in 2024 stayed persistent despite rising prices, higher rates, and a tight housing market. Statewide, home sales rose 1.1%, and new listings increased 6.4%. Though seller activity increased, many still felt the "lock-in" effect of low mortgage rates.
"Motivated buyers did see more choices during much of the year, but were more cautious and selective during their search.... [and] some sellers still received multiple offers on attractive and well-priced listings,” said MNR President Patti Jo Fitzpatrick.
The statewide median sales price increased 3.9% to $345,000. While prices were constrained by high mortgage rates, limited inventory kept them from falling. Despite undersupply and ongoing affordability challenges, Minnesota’s strong economy and stable job market provide a solid foundation for the future.
2024 by the Numbers:
Closed Sales: 66,735 (+1.1%)
Median Price: $345,000 (+3.9%)
Homes for Sale: 11,476 (-0.3%)
Days on Market: 42 (+10.5%)
Read the full 2024 Annual Housing Market Report: https://bit.ly/42wUV9a
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