A re-cap of Minnesota’s housing industry shows that home sales rose 1.1 percent statewide last year and 1.8% in the Twin Cities metro.
Patti Jo Fitzpatrick, president of Minnesota Realtors, says the market encountered a lot of challenges throughout 2024…
“Prices, you know? I mean, this is, I think, our 13th or 14th consecutive year of increase in pricing and inventory is still, you know an issue for us. You know, right now, interest rate controls, a lot of of you know the buyers out there and sellers quite frankly, they’re not interested in giving up their 3% interest rate to move on to a 7% interest rate.”
The average sale price for a home in Minnesota rose to $404,512 in 2024 – an increase of 4.1%.
According to the year-ending report, economists project that existing home sales and home prices will increase at a moderate rate in 2025, even though mortgage rates are expected to remain in the 6 to 7% range.
(content: courtesy MNN)
