February 2023 Market Update

It's definitely still a seller's market! We are seeing quick sales for homes that are priced right, prepared correctly and staged. You always want to disclose as much information about a home you are selling as possible. For example, if you have had issues like ice dams, make sure to take care of them before listing your home. If you have questions, we're here to help!

Although experts believe that the market will shift to being more favorable for buyers, mortgage rates and inflation are impacting many Americans’ decisions to buy or sell a home. But there is good news. For those who want to buy a home, there is less competition. And because inventory is still tight, sellers will still be able to sell their homes if priced right. Although existing home sales declined, tight inventory led to an increase in the median sales price.

Local market trends for the Twin Cities in January:

• New listings decreased 10.6%. 

• Pending sales were down 19.3%.

• Inventory levels rose 14.5%. 

• The Median Sales Price increased 2.7% to $341,995.

• Buyers felt empowered as Months Supply of Homes for Sale was up 44.4%.