2023 by the numbers

The real estate market has experienced a lot of change over the last two years. Now that 2023 is behind us, here is a recap of what we saw in the twin cities real estate market:

New Listings: Down 12.4%

Closed Sales: Down 17.6%

Median Days on Market: Up 28.6% to 18 Days

Median Sales Price: Up 1.4% to $368,000

(Information from InfoSparks)

There was a decrease in activity amongst buyers and sellers in 2023. Although we had less sales, we still had a little appreciation. Sellers have been slow to sell if they are locked in with low mortgage rates and buyers have been slower to buy as mortgage rates have increased.

Already, heading into 2024, we have started to see mortgage rates come down. The average mortgage rate last fall peaked at 8% however, today, the average rate is right around 6.5%. This is reducing payments by almost 10%.

With rates coming down, we can expect to see more buyers in the market. However, there is no indication that we will be seeing additional inventory to meet the increase in demand.

If buying a home is something you’re considering in 2024, it may be a good idea to start your search early and beat the spring rush!