The National Association of REALTORS® released a new report analyzing relocation trends during the pandemic. From March through October 2020, 8.9 million people moved according to the NAR’s analysis of USPS change-of-address data. While this sounds substantial, when comparing to the same period last year, only approximately 94,000 more people moved this year than a year ago. The biggest trend was people moving from large cities to surrounding suburbs, with those counties located closest to big cities seeing the highest relocation gains.
In the Twin Cities region, for the week ending December 5:
- New Listings decreased 2.9% to 851
- Pending Sales increased 7.1% to 999
- Inventory decreased 35.3% to 6,748
For the month of October:
- Median Sales Price increased 12.5% to $315,000
- Days on Market decreased 23.9% to 35
- Percent of Original List Price Received increased 2.4% to 100.5%
- Months Supply of Homes For Sale decreased 36.0% to 1.6
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.