The Twin Cities real estate market is showing few signs of cooling off.
Minnesota Realtors on Monday revealed its latest monthly housing market report for the Twin Cities. In the seven-county metro region, the media sale price in May 2021 was a whopping $350,000. (That's up from $300,000 in May of 2020.)
Houses are lasting an average of just 22 days on the market, with sellers receiving 104.1% of the list price.
Overall, demand remains high while supply is still low, with less than a month's supply of inventory on the market, according to Minnesota Realtors.
The situation in the Twin Cities mirrors what's happening throughout much of the state.
The median sales price statewide came in at $310,000, up 15.7% compared to 2020 and an all-time high. The inventory of homes throughout Minnesota is also half of what it was in June 2020, with 8,953 homes for sale, according to the report.
"As we anticipated, buyers are very active but there simply isn’t the inventory to meet their demand,” said Chris Galler, CEO of Minnesota Realtors, in a statement.
“This has created a competitive environment where multiple offers are the norm. Although you’d think that would be an incentive for more sellers to list their homes, many are hesitating because they worry about becoming homebuyers in this environment. It’s a cycle that will only be broken by increased inventory or higher interest rates that slow demand."
Only three of the 13 regions in the state reported a decrease in closed home sales year over year - North Central (-1.5%), South Central (-6.3%) and Northwest (-14.3%). Here's a look at each region: