Higher interest rates create hesitancy in buyers and sellers
MINNEAPOLIS (December 12, 2022)
November year-over-year summary of key market indicators:
- Closed sales decreased 35.3% to 5,128
- Median sales price increased 1.7% to $310,000
- Average sales price increased 4.5% to $367,886
- New listings decreased 17.1% to 4,735
- Pending sales decreased 38.7% to 4,117
- Days on the market increased 21.2% to 40 days
- Homes for sale increased 13.3% to 11,595
Closed Home Sales Across Minnesota by Region
In November, closed sales declined in 12 regions compared to a year ago, bringing Minnesota’s average number of closed home sales down 35.3% year over year. Northwest, which saw a modest 2.3% gain in closed sales, was the only region to mark an increase. The smallest declines were seen in Headwaters at 15.8%, South Central at 20.9%, and Arrowhead at 22.7%. The largest declines were reported in Central at 39.9%, East Central at 42.9%, and Southwest at 48.3%. See the chart below for more details comparing closed home sales for November 2022 to November 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.