December tends to be a quiet month in the Twin Cities area housing market! There were new developments and changes, both good and bad. If you’re thinking of buying or selling a home in the near future, it’s important to be aware of what’s happening in your local area. Read on to learn more about the current state of the housing market in the Twin Cities area.
Inventory is Low – Inventory levels have been on a steady decline for months now, and this continued into December. According to data from NorthstarMLS, inventory decreased 66% from November to December in Stillwater. While this could mean that there are fewer homes on the market to choose from, it also means that if you do find one that matches your needs and budget, you should act fast before someone else snaps it up!
Days On Market
Days on Market is Slightly Increasing or Remaining Steady – The days on market (DOM) is how long it takes for a home to sell after listing the property. Although we saw some increases in DOM throughout December, Stillwater days on market dropped 33% to only 12 days. Pretty incredible!
Median Sales Prices are Still Increasing – Despite some minor fluctuations, median sales prices throughout the Twin Cities area increased 3% from November 2022 to December 2022. While this might cause some sticker shock for potential buyers looking for affordable options, it does provide sellers with some peace of mind knowing that their properties will likely fetch higher prices than last year.
Mortgage Rates are Remaining Anywhere from 6 to 7% – Our new normal is here! Some experts are predicting these numbers will maintain or even drop throughout 2023.
Overall, December was a roller coaster ride when it comes to housing stats in the Twin Cities area. Inventory levels remained low while days on market went up slightly and median sales prices increased. Additionally, mortgage rates remain anywhere from 6-7%. However, buyers may struggle with finding affordable homes due to limited inventory levels. Whether you’re looking to buy or sell a property in 2023, understanding what’s happening in your local housing market can help you make smarter decisions along the way. Questions, or not seeing your city’s numbers? Reach out! We’d love to hear from you. 651.867.3225