Affordability challenges have led builders to construct smaller homes, with the median size of a new single-family home declining for the third consecutive year to 2,150 square feet in 2024, according to the State of the Nation’s Housing 2025 report from Harvard University’s Joint Center for Housing Studies. Townhomes have become an increasingly popular option among builders, who started 176,000 units last year, a 59% increase from 2019.
In the Twin Cities region, for the week ending July 19:
- New Listings decreased 5.6% to 1,460
- Pending Sales increased 9.7% to 1,037
- Inventory increased 5.3% to 10,207
For the Month of June:
- Median Sales Price increased 2.8% to $401,000
- Days on Market increased 11.4% to 39
- Percent of Original List Price Received decreased 0.1% to 100.0%
- Months Supply of Homes For Sale increased 4.0% to 2.6