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Housing Market Shifting

The US housing market is firmly in a state of “correction” with home prices and inventory levels shifting across the country. Experts expect these shifts to continue in the fourth quarter of the year, which is a traditionally slow time for real estate transactions. But there are silver linings. Despite higher mortgage rates, buyers can take heart in increasing home inventory and fewer bidding wars. For sellers, realistic home pricing continues to be key to success. What else should you expect from the market for the rest of 2022? Find out here. #HousingMarketMonday

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September 2022 Housing Report

Properties sitting longer as interest rates rise; bidding wars ease
MINNEAPOLIS (October 12, 2022) — In September, a cooling trend continued as closed sales were down 18.2% compared to a year ago. New listings also decreased, slipping 17% below last year with 8,384 properties coming on the market. The median sales price was up 4.8% to almost $325,000, although sellers were receiving slightly less than their asking price on average, down about 2% from September 2021. Homes were sitting on the market longer, up more than 18% to 32 days on average. Slower moving inventory nudged the number of homes for sale up 2.1% to nearly 14,000 properties across the state. Overall, there was two months’ supply of available housing inventory in September, up 17.6% over last year and also marks the highest level of inventory since 2020.“The slower market activity we’re seeing is the result of several factors,” said Chris Galler, CEO of Minnesota Realtors. “Interest rates on a 30-year fixed mortgage passed 7% in late September, making it more difficult for buyers to enter the market. This is especially true for first-time buyers. Inflationary pressures in the wider economy are also impacting buyers’ bank accounts. These factors are heightening the normal decline we see in the fall. However, it’s important to recognize that the market is still strong, and that sellers are getting offers with good terms when properties are priced accurately for local conditions. Bidding wars are over, and buyers are better positioned to negotiate for a home that might have been out of reach only a few months ago.”

May be an image of text that says '13,828 Homes for Sale $324,900 Median Sales Price 2.1% vs Sept. 2021 Minnesota Realtors® 4.8% vs Sept. 2021 September 2022 Housing Report 7,501 Closed Sales 18.2% vs Sept. 2021 32 Days on Market 18.5% vS Sept. 2021'

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

  • Closed sales decreased 18.2% to 7,501
  • Median sales price increased 4.8% to $324,900
  • Average sales price increased 6.8% to $378,231
  • New listings decreased 17.0% to 8,384
  • Pending sales decreased 26.9% to 5,969
  • Days on the market increased 18.5% to 32 days
  • Homes for sale increased 2.1% to 13,828

Closed Home Sales Across Minnesota by Region

In September, closed sales declined in 10 out of 13 regions compared to a year ago, bringing Minnesota’s average number of closed home sales down 18.2% year over year. Three regions reported increases: Upper MN Valley at 7.3%, Southwest at 6.1%, and Northwest at 2%. The smallest declines were seen in Southwest Central at 3.1%, North Central at 3.7%, and Arrowhead at 3.8%. The largest declines were reported in East Central at 17.3%, Central at 20.7%, and 7-County Twin Cities at 23.6%. See the chart below for more details comparing closed home sales for September 2022 to September 2021.

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
.View full regional and county reports here.

View statewide report here.

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4 Fall Staging Tips


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Fall is a season that alludes to the comfort of the senses. Autumn is also a time of the year that many folks will move into their new home. Use these seasonal tips to stage your home, and take advantage take of the  fall highlighting your home to it’s fullest.

Fall Colors

Embrace the fall colors with touches of seasonal décor.  Use rich colors to warm up your homes appeal. This could be as simple as decorative candles, pillows or a throw place on the couch.

Seasonal Scents

Aromas of cinnamon, apple, cranberry, or other fall spices are warm inviting scents this time of the year. Be cautious as to not offend a potential home buyer with any scent that may be overpowering or too strong. A candle or essential oil diffuser near your home’s entrance will freshen the space & set the seasonal tone.

Shorter Daylight Hours
As the daylight hours shorten during the fall, be sure to let in as much natural light as possible to give your rooms a more inviting and spacious feel. Adding extra lamps will help, if you don’t have enough natural light.

Home Exterior Decorating
When planning to sell in the fall, take advantage of seasonal items to raise the curb appeal of your home.  A festive wreath on your door, pumpkins on your porch, or mums along your walk way are wonderful fall additions that don’t cost much to spruce up your home. Also, be sure to keep up with the falling leaves on your lawn, as you do not want the highlights of your home to be distracted by piles of falling leaves.