According to the National Association of Realtors® 2023 Profile of Home Buyers and Sellers, buyers moved a median distance of 20 miles to their new home last year, down from 50 miles the year before, and closer to the previous norm of 15 miles. Among those buyers surveyed, 60% said the quality of the neighborhood was the most important factor in deciding where to move, while proximity to friends and family and housing affordability came in at 45% and 39%, respectively.
In the Twin Cities region, for the week ending October 12:
• New Listings increased 12.5% to 1,368
• Pending Sales increased 7.3% to 865
• Inventory increased 10.8% to 10,244
For the month of September:
• Median Sales Price increased 2.4% to $379,950
• Days on Market increased 14.7% to 39
• Percent of Original List Price Received decreased 0.8% to 98.5%
• Months Supply of Homes For Sale increased 12.0% to 2.8