For Week Ending January 11, 2025

Higher mortgage rates, coupled with rising sales prices, continue to impact buyer preferences for smaller homes. According to the U.S. Census Bureau, the typical single-family home under construction had a median floor area of 2,158 square feet in the third quarter of 2024, down from 2,214 square feet in the third quarter of 2023. The average size of new single-family homes started in the third quarter dropped to 2,384 square feet, down from an average of 2,434 square feet one year earlier.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 11:

• New Listings increased 9.7% to 1,006
• Pending Sales decreased 7.7% to 529
• Inventory decreased 2.0% to 6,857

FOR THE MONTH OF DECEMBER:

• Median Sales Price increased 4.6% to $370,000
• Days on Market increased 9.8% to 56
• Percent of Original List Price Received increased 0.3% to 97.0%
• Months Supply of Homes For Sale decreased 5.3% to 1.8

All comparisons are to 2024

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending January 4, 2025

U.S. pending home sales recently hit a 21-month high, rising 2.2% month-over-month, marking the fourth consecutive month in which contract signings increased, according to the National Association of REALTORS®. On a monthly basis, pending sales increased in the Midwest, South, and West but decreased in the Northeast. Annual gains were reported in all four regions.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 4:

• New Listings decreased 18.9% to 710
• Pending Sales decreased 10.1% to 426
• Inventory increased 3.3% to 7,191

FOR THE MONTH OF DECEMBER:

• Median Sales Price increased 4.6% to $370,000
• Days on Market increased 9.8% to 56
• Percent of Original List Price Received increased 0.3% to 97.0%
• Months Supply of Homes For Sale decreased 5.3% to 1.8

All comparisons are to 2024

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending December 28, 2024

The typical homeowner has accumulated $147,000 in housing wealth over the last five years, according to a study by the National Association of REALTORS®. 87% of metropolitan markets (196 out of 226 tracked areas) reported home price gains in the third quarter of 2024, while 7% of markets experienced double-digit price appreciation annually.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 28:

• New Listings decreased 14.1% to 328
• Pending Sales increased 2.6% to 427
• Inventory decreased 0.2% to 7,435

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 3.4% to $375,000
• Days on Market increased 25.0% to 50
• Percent of Original List Price Received increased 0.2% to 97.6%
• Months Supply of Homes For Sale increased 4.3% to 2.4

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending December 21, 2024

New-home purchases accounted for 15% of home sales over the past year, the
highest share since 2007, while existing-home purchases accounted for 85%,
according to a recent report from the National Association of REALTORS®. Among
new-home buyers, 42% were most often looking to avoid renovations and
problems with mechanical systems, while 31% of existing-home buyers felt
previously owned homes represented a better overall value.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 21:

• New Listings decreased 1.0% to 477
• Pending Sales increased 3.1% to 605
• Inventory increased at 7,832

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 3.4% to $375,000
• Days on Market increased 25.0% to 50
• Percent of Original List Price Received increased 0.2% to 97.6%
• Months Supply of Homes For Sale remained flat at 2.3

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending December 14, 2024

For the first time in 10 years, the U.S. real median gross cost of renting—rent, plus the average monthly cost of utilities and fuel, adjusted for inflation—grew faster than median home values on an annual basis in 2023, rising 3.8% compared to 1.8%, according to the 2023 American Community Survey. The median gross rent rose from $1,354 in 2022 to $1,406 in 2023, with renters spending 31% of their income on rent and utilities.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 14:

• New Listings increased 16.3% to 729
• Pending Sales increased 5.3% to 641
• Inventory increased 2.3% to 8,249

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 3.4% to $375,000
• Days on Market increased 25.0% to 50
• Percent of Original List Price Received increased 0.2% to 97.6%
• Months Supply of Homes For Sale remained flat at 2.3

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.