According to Minnesota Realtors:
Tariff announcements in early April triggered market uncertainty, causing mortgage rates to swing from a low of 6.6% to nearly 7.1%. Rate fluctuations (in part) fueled rate-sensitive buyers to sign more purchase agreements, leading to a 2.8% increase statewide. Sellers were more active, with new listings up 7.2%, while buyer activity was relatively flat.
Inventory is moving in the right direction, rising 8.5% statewide and reaching the highest April level since 2020. The statewide median price reached $360,000; the 2.9% increase is partly due to more activity in new home construction and luxury sectors. On average, homes spent 44 days on the market.
This spring, buyers and sellers face a market with both more choice and more uncertainty. Despite economic and trade concerns, serious buyers remain active and determined.
April Year-Over-Year Summary of Key Market Indicators:
Closed sales: 5,537 (down 0.8%)
Median sales price: $360,000 (up 2.9%)
Average sales price: $418,831 (up 3.4%)
New listings: 9,851 (up 7.2%%)
Pending sales: 6,498 (up 2.8%)
Days on the market: 44 (up 4.8%)
Homes for sale: 14,371 (up 8.5%)
Months Supply: 2.6 (up 13.0%)
