Housing inventory improved for the third month in a row, with the number of homes actively for sale in January increasing 7.9% year-over-year, according to Realtor®.com’s January 2024 Monthly Housing Market Trends Report. Lower mortgage rates appear to have brought some sellers back to the market, as the number of newly listed homes rose 2.8% year-over-year. While this is good news for prospective homebuyers, the supply of homes for sale remains down compared to typical 2017 – 2019 levels.
In the Twin Cities region, for the week ending February 17:
• New Listings increased 14.7% to 1,090
• Pending Sales increased 11.2% to 792
• Inventory increased 4.9% to 6,451
For the month of January:
• Median Sales Price increased 3.1% to $352,500
• Days on Market decreased 8.2% to 56
• Percent of Original List Price Received increased 0.7% to 96.7%
• Months Supply of Homes For Sale increased 28.6% to 1.8