"Active listings climbed to 855 homes in April - up 18.8% year over year, nearly four times the national growth rate of 4.6%. New listings surged too, with 688 homes entering the market, compared to just 1.1% growth nationally."
"The median list price in Minneapolis came in at $309,950 in April - down 3.9% year over year, more than double the national dip of 1.4%. Price reductions rose slightly to 12.3% of listings, but remained well below the national rate of 16.7%."
"Minneapolis homes spent a median of just 35 days on market in April - well under the national median of 52 days, and 6% faster than the same month last year."
"Minneapolis is recalibrating, not collapsing. Inventory surged, prices eased, and yet homes sold faster than the national pace."
Minneapolis experienced a significant increase in housing inventory, with active listings rising 18.8% year over year. The median list price decreased by 3.9%, remaining below the national average. Despite these changes, homes sold quickly, with a median of 35 days on the market. The market is competitive for sellers, but demand persists, rewarding those who are prepared. Buyers have more options and can negotiate better prices, while sellers face increased competition without panic in pricing.
Read at SFGATE
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