Housing supply

Twin Cities housing supply drops to historic low, median sale price rises to $332,000

5:19 p.m. | Wednesday, February 16, 2022

The median sale price for the Twin Cities rose to $332,250 last month

Those looking to buy a home could face intense competition this spring. A new report released by Minneapolis Area Realtors shows that the supply of homes for sale in the Twin Cities metro is at an all-time high given current demand.

According to the report, there were 4,221 homes for sale at the end of January, just over a three-week supply. A six month supply is considered a balanced market.

“It’s important for market participants to understand what less than a month’s supply means,” said Mark Mason, president of the Saint Paul Area Association of Realtors. “That means attractive, well-priced listings will sell out quickly and often with multiple deals in play.”

Impact on the northwest suburbs

The decline in new listings can be seen in the northwestern suburbs. In Plymouth, new registrations in January fell 27.6% from a year earlier, from 87 to 63. In New Hope and Golden Valley, new registrations were cut in half.

There were a few exceptions: Brooklyn Park (up 19%) and Brooklyn Center (up 13%) both saw slight increases in registrations last month from a year earlier.

Historical selling prices

As the supply crisis slowed the start of the housing market, sellers saw selling prices climb. The Twin Cities’ median selling price rose to $332,250 last month. This is the highest median selling price on record in January.

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