Twin Cities Real Estate Market Trends – February 2024

The Twin Cities Metro housing market is shifting, and both buyers and sellers need to stay informed. With higher buyer demand, fewer price reductions, and dropping mortgage rates, this is shaping up to be a competitive season.

Here’s what you need to know:

1. Pending Sales Are Rising 📊

Buyer activity is picking up, with a 7.9% increase in pending sales over the past week. This signals a market with strong demand and faster-moving inventory.

2. Inventory Remains Low 🏡

While over 1,000 new listings hit the market recently, homes are selling faster than they’re being listed. This creates a competitive environment where well-presented homes sell quickly.

3. Mortgage Rates Are Dropping 📉

Interest rates have reached a 60-day low, declining for almost a week straight. Lower rates mean buyers can afford more home, leading to increased competition and potential price hikes in the coming months.

4. Homes Are Selling Faster ⏳

The median days on market for pending properties has dropped to 15 days, down from 28 just six weeks ago. This means well-priced homes are moving quickly, making timing crucial for both buyers and sellers.

5. Fewer Price Reductions & Cancellations

Compared to last fall, price reductions are down by 500 per week. Additionally, fewer sellers are pulling their listings, showing increased confidence in the market.

What This Means for Buyers & Sellers

• Sellers: Now is an ideal time to list. With high demand, low competition, and stabilizing prices, homes that are well-marketed and priced correctly are selling fast.

• Buyers: Take advantage of lower interest rates before increased competition drives home prices up. Be prepared for multiple offer situations, especially in high-demand areas.

Need Help Navigating This Market?

Whether you're wondering how to sell and buy at the same time without hassle or curious about whether renting or buying makes more sense, we're here to help!

📞 Call, text, or email us today. Let's strategize your next move!

📍 Scott & Ann Breuer | First Choice Realty Solutions