MINNEAPOLIS — The number of buyers signing purchase agreements and closing sales decreased in the Twin Cities metro area this June compared to last, with less expensive homes seeing more of a dip in sales than more expensive homes.
Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS® published new data Tuesday looking at home prices across 16 counties, which cover the Twin Cities metro area as well as some of western Wisconsin.
Closed sales among buyers was down 16.3% in June 2024 compared to June 2023. Sellers also listed 5.8% less homes this June compared to last, but total inventory still increased.
There is a difference in what price-point homes people are buying. The number of homes sold that cost more than $500,000 was down 2.5% this June compared to last. Meanwhile, the number of homes that cost less than $500,000 declined by 13.2%, according to the data.
The median price for a home rose 1.8% this June compared to last, with REALTORS® saying that is the smallest gain since December. The average single-family median home price rose to $425,000, but the median price for condos and townhomes dipped. According to REALTORS®, the number of condo sales fell by over twice as much as single family homes.
“This is still a somewhat fragmented market where activity truly varies from price point to price point and area to area,” said Jamar Hardy, President of Minneapolis Area REALTORS® in a press release. “While we’re encouraged by more supply, the lack of affordability caused by higher mortgage rates and rising prices are still significant hurdles.”
The number of days homes are on the market went up to 34 days on average. According to REALTORS®, single family homes specifically are selling after 31 days but condos are taking 56 days.
REALTORS® said in a press release that, for cities with at least five sales, the highest priced areas are Deephaven, Shorewood, Tonka Bay and North Oaks. The most affordable areas are Hopkins, St. Paul Park and Spring Lake Park.
