May 2023 Minnesota Housing Report
Jason Roberge
Housing Report - May 2023
As temperatures rose and flowers bloomed, the real estate market in Minnesota stayed relatively cool during the month of May. Closed sales fell by almost 26% compared to the same period last year, ending the month at 5,773. New listings were also down 15.3% while pending sales dropped about 16%. But inventory ticked up to 1.9 month’s supply, a nearly 27% jump versus last May, providing more purchasing opportunities for some house hunters.
May year-over-year summary of key market indicators:
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Closed sales: 5,773 (down 25.7%)
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Median sales price: $340,000 (down 0.7%)
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Average sales price: $392,785 (down 0.4%)
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New listings: 9,803 (down 15.3%)
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Pending sales: 7,185 (down 16.1%)
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Days on the market: 34 (down 30.8%)
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Homes for sale: 10,905 (down 4.2%)
Source Minnesota Realtors Association Read the full article HERE!
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