MN Home Market Softens Slightly

UNDATED -- Closed home sales fell by just over 8% compared to March of last year, indicating a softening, though still robust housing market.

New listings in March were down nearly 6% compared to a year ago with 8,926 properties coming on the market. Chris Galler is president of the Minnesota Realtors Association:

Sellers are getting their asking price plus. So we're right at about 100%. And we're seeing multiple offers on a lot of the properties that are well priced and in good condition.

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Buyer demand in March drove the median home sales price in Minnesota up 9.2% to $322,000. Galler doubts the market can keep this pace up.

With the decline in inventory buyers that are in the marketplace are having difficulty finding homes. And because we had two fantastic years in 2020, and 2021, we're just getting to a point where we can't keep that sales pace up, especially with the lack of inventory that's in the market.

For more data from the Twin Cities Area Area Realtors, click here.