Latest data show Minnesota's housing market is still crazy

Demand continues to outpace supply, and sales prices are at historic highs.

The housing market in Minnesota was still crazy in July, with demand continuing to outpace supply and the median sales price at historic highs. 

Minnesota Realtors released data for the month of July on Thursday, saying the median sales price in the state was up 12.5%, totaling $315,000.  

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“Buyers were still out in full force, and many of them hoped to close on homes before the new school year. Unfortunately, the market could not meet their demand. Even though potential sellers were almost guaranteed to get their asking price, they were reluctant to list their homes because they didn’t want to become buyers in this hyper-competitive environment,” Chris Galler, CEO of Minnesota Realtors, said in a statement.

"Although there’s no easy way out of this situation, part of the solution lies in local and state governments easing restrictions, and helping developers build higher density, more affordable housing throughout the state.” 

Related [May 14]: 5 reasons things are particularly tough for first-time homebuyers in the Twin Cities

Minnesota Realtors released a July year-over-year summary on Thursday, which shows: 

  • Closed sales were down 8.7% to 9,615 in July 2021 compared to July 2020. In June 2021, there were 10,636 closed sales. 
  • The average sales price was up 12.9% to $359,700 in July 2021 compared to July 2020. In June 2021, the average sales price was $368,048. 
  • The median sales price was up 12.5% to $315,000 in July 2021 compared to July 2020. In June 2021, the median sale price was $325,000. 
  • The average percent of original price received was up 3.7% to 102.7% in July 2021 compared to July 2020. In June 2021, the percent of original list price received was 103.2%. 
  • New listings were down 0.2% to 11,499 in July 2021 compared to July 2020. In June 2021, there were 12,203 new listings. 
  • Pending sales were down 14.2% to 8,923 in July 2021 compared to July 2020. In June 2021 there were 9,763 pending sales. 
  • The number of days a home spent on the market was down 43.2% to 25 days in July 2021 compared to July 2020. In June 2021, the number of days a home spent on the market was also 25 days. 
  • The number of homes for sale was down 29.7% to 11,854 in July 2021 compared to July 2020. In June 2021, the number of homes for sale was 10,919. 

Twin Cities metro

median sales price

The seven-county Twin Cities metro, where the housing market has been especially hot, the number of closed sales in July was down 3.2% to 5,681 compared to July 2020. 

Other findings in the latest Minnesota Realtors report: 

  • The number of new listings in the Twin Cities was up 1.2% to 6,865 compared to July 2020
  • The number of days on the market was down 37.5% to 20 days
  • The percent of the original price received was up 3.5% to 103.7%
  • The median sales price was up 9.5% to 350,290

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