There's an article circulating (this one) saying sellers are panicking and pulling homes off the market nationwide. It’s full of sensationalized headlines and honestly, it's BS. Especially when you look at the real numbers for Minnesota and the Twin Cities metro area. Here's the truth based on actual local data.
Sellers are not panicking.
We don't call them delistings here. We call them canceled or expired listings, and those numbers haven't jumped dramatically. In fact, single-family home sales in our 16-county metro are up 2% this year, totaling 33,786 closed sales. Homes aren't piling up unsold either. The median number of days on the market is only 18. Homes are selling quickly, not sitting around.
Buyers are still active.
Closed sales have increased this year. Buyers have adjusted to higher interest rates and are still actively buying homes. It’s not the frenzy we saw in 2021, but it’s definitely not slow.
Inventory is tight.
National headlines love pointing to inventory spikes in places like Miami or Phoenix. Minnesota isn’t those places. Right now, we have just 2.2 months of supply available. That's exactly the same as last year and firmly in a seller’s market territory. A balanced market has around 4 to 6 months of supply. We’re nowhere near that.
Prices are up, not falling.
Median sales price for single-family homes is up 4.2% from last year, now sitting at $424,990. Homes are still regularly selling for around 100% of asking price. Small price reductions might happen, but they’re minor adjustments, not significant drops. Prices here remain strong and continue rising.
Minnesota isn’t Miami or Phoenix.
Markets like Florida and Arizona overheated during the pandemic and are now correcting. Minnesota’s market stayed steady. We have solid job growth, high homeowner equity, and low foreclosure rates. Comparing Minnesota’s housing market to these overheated locations is misleading.
Bottom line.
Minnesota’s housing market is strong, stable, and backed by real local data, not fear based headlines. Sellers are (mostly) realistic, buyers remain active, and our local economy supports steady growth. Ignore the scary headlines. Minnesota housing is doing just fine. Its not fun for certain price ranges, but it's doable!
