A family with a national median income of $97,800 needed 38% of their income to make the monthly mortgage payment on a median-priced new home ($419,200) in the fourth quarter of 2024, according to the latest NAHB / Wells Fargo Cost of Housing Index (CHI). For existing homes, a family needed to spend 37% of their income to afford the monthly payment on a median-priced home ($410,100).
In the Twin Cities region, for the week ending March 29:
- New Listings increased 23.6% to 1,300
- Pending Sales increased 13.5% to 1,067
- Inventory increased 3.5% to 7,750
For the Month of February:
- Median Sales Price increased 6.1% to $380,000
- Days on Market increased 16.9% to 69
- Percent of Original List Price Received increased 0.2% to 97.7%
- Months Supply of Homes For Sale increased 5.3% to 2.0