MINNETONKA, Minn. – Closed home sales in Minnesota fell by just over 8% in March, 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 more than 8,900 properties coming on the market.
Chris Galler, president of the Minnesota Realtors Association, says buyers are having a hard time finding homes due to a decline in inventory. He also says it’s nearing the point where the state can’t keep up with the high sales pace that dates back to 2020.
Buyer demand last month drove the median home sale price in Minnesota up 9.2% to $322,000.
