Minneapolis, MN local notes, issue 1
Minneapolis sales fell this month to 449 homes, while the median home took 25 days to sell. Price cuts rose to 34.6% of homes for sale. Expect home buyers to take their time and sellers to need realistic pricing.
Housing figures this month
Redfin's figures show 449 homes sold this month, down 10.6% from last month. The median home spent 25 days on the market, up 8.7%.
Homes for sale at month end totaled 1,293, up 5.9%. New listings came to 536, down 5.1%. Months of supply stands at 3, up 16%. More homes for sale and fewer new listings suggest homes are sitting longer.
The median sale price was $369,824, down 1.4%. The median price per square foot was $242, down 1.7%. Both moved down by a small amount.
Pricing pressure and what it means for you
Homes sold above asking made up 35.6% of sales, down 2.8 points. The share of homes for sale that cut their price was 34.6%, up 2.5 points.
The average sale price came in at 100% of the list price, down 0.4 points. Homes still close near asking, but the room above it has narrowed.
Sellers you talk to may still expect last season's pace. Show them these figures, with Redfin as the source, before you agree a list price. A price that fits this month's sales is easier to defend than a cut made after weeks on the market.
Answers from AI engines
We ask the same fixed questions on ChatGPT, Perplexity, Gemini and Google AI Overviews. Each market gets 3 questions.
We count how often an answer names an agent, and which kinds of sources it cites. Those figures cover the half year to the end of this month, compared with the half year to the end of last month. They are not in this note. This note also holds no comparison with Minnesota.
Data provided by Redfin, a national real estate brokerage.