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September 2021 Housing Report

By MNR News posted 10-13-2021

Buyers still chasing limited number of affordable homes

As the fall season arrived, September closed sales of residential homes in Minnesota declined 8.4% compared to last year. Correspondingly, new listings fell 8.5% over last year and pending sales were down 15.3%. Responding to the lean inventory, buyers competed for limited housing stock, reducing the average time homes stayed on the market to just 27 days, a 34.1% decrease over last September. Sellers received 100.4% of their asking price for homes, a 1.2% increase. The overall number of homes for sale shrank 19.8% to 12,618, and the months supply of homes was down 23.8% to only 1.6 months supply.

“Due to the extremely high number of closed sales in 2020, we’ve been expecting this year’s numbers to be lower for the last four months and the September numbers reflect that trend,” said Chris Galler, CEO of Minnesota Realtors. “So, while this year’s gains in closed sales may only be single digits, during a two-year period it’s been a gain of more than 20%, which is pretty astounding.”

Galler noted that looking back since 2019, the median home price has also averaged a double-digit increase, and continues to rise as demand outpaces supply.

September year-over-year summary of key market indicators:

  • Closed sales decreased 8.4% to 8,997
  • Median sales price increased 10.8% to $310,000
  • Average sales price increased 10.0% to $354,426
  • New listings decreased 8.5% to 9,957
  • Pending sales decreased 15.3% to 8,050
  • Days on the market decreased 34.1% to 27 days
  • Homes for sale decreased 19.8% to 12,618

Closed Home Sales Across Minnesota by Region

Closed sales were down across the state with 11 regions reporting declines compared to September 2020. In five regions, declines were in the single digits, including the seven-county Twin Cities which was down -6.7%. Eight regions saw double-digit declines, with the greatest declines in: Northwest at -27.9%, West Central at -18.5%, and East Central at -16.7%. See the chart below for more details comparing closed home sales for September 2021 to September 2020.

chart of closed home sales data

The seven-county Twin Cities region comprises Anoka, Carver, Dakota, Hennepin, Ramsey, Scott and Washington counties. The official Minneapolis-St. Paul-Bloomington metropolitan statistical area recognized by the Census Bureau consists of 16 counties, on which MAR & SPAAR local associations report.

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2021 Money Magazine #1 Best Place to Live

By MNR News posted 10-07-2021

Minnesota is home to 3 of the top 50 best places to live, according to The website’s methodology for determining the 50 best places to live looked at population size, cost of living, diversity, health, and quality of life, among others.

Chanhassen was selected for the #1 spot because of its history with music (Prince/Paisley Park) and theater (Chanhassen Dinner Theater), and access to outdoor spaces (Minnesota Landscape Arboretum).

Coming in at #29: Woodbury, with its 3,000+ acres of parks, and its recent building spree of housing units and retail.

And at #32: Rosemount, for its small-town feel, parks, and community events, such as the Haunted Woods Trail.

View the full list here:

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Fall Homeowner Checklist

By MNR News posted 09-22-2021

It’s unavoidable: winter is coming. The term “winterization” can be misleading since the hard work needs to happen in autumn! And while seasoned homeowners might know the ins & outs of winterization, first-time homeowners might not, so we compiled a helpful checklist of fall home to-dos to assist your clients through the yearly process:

  1. Rake up leaves
    A fall classic. You can also mow your leaves instead of raking them and they will decompose and nourish your lawn over the winter!
  2. Remove or cover your air conditioner
    This is an easy one to forget but make sure to remove window units or place a cover on the outdoor unit. This will ensure they’ll stay in good shape during the long winter months.
  3. Remove garden hoses from faucets
    This should be one of the first on your to-do list. When freezing temps hit, the water can freeze, expand, and crack the faucet or pipes.
  4. Keep out the critters
    Take a tour of your home, look for any cracks that might let an unwelcome guest sneak inside. Seal any openings with spray foam or steel wool.
  5. Clean out gutters
    Clogged gutters can cause ice dams in the winter, so it’s important to clean out any fallen leaves, twigs, or other gifts from nature.
  6. Check your furnace
    Have a heating & cooling professional check and tune up your furnace for the heating season. It’s an easy way to make sure your furnace will be in tip-top shape for when it’s needed. It’s also a good time to replace the filter.
  7. Inspect your roof
    Your roof is the first line of defense in protecting your home, if shingles are missing or damaged, water can leak in during winter.
  8. Check your snow blower & snow removal equipment
    Check that your snow blower, shovels, & other winter maintenance equipment are easily accessible, so when the first snow comes, you’ll be ready!
  9. Check your windows & doors
    Look for any spots where air can escape. Apply caulk or weatherstripping to avoid chilly drafts!
  10. “Fall”-proof your space
  • Floors: Scan your floors and steps for any fall risks. Look for clutter, slippery stairs, or loose rugs. Where possible, add sticky padding to prevent slips.
  • Activities: Do you have a daily routine? It might be helpful to put in grab bars in the shower, or a second handrail by the stairs.
  • Lighting: Is your home bright enough to see any potential hazards?
  • Leaving: Examine your outdoor paths and steps. Are there any broken steps or overgrown shrubs that might trip you up when leaving your home?