Latest Minnesota Real Estate Market Update

As we wrap up the 3rd quarter of 2022, the market is notably different than it was at the beginning of 2022. Mortgage rates, inventory, & market uncertainty are factors you hear about on the news & social media. In reality, mortgage rates at the beginning of 2022 were historically low so it’s only natural we see them go back up to more normal rates. As many buyers were effectively priced out by mid-2022, inventory has begun to increase & average listing prices began to plateau. In fact, the national average for inventory has increased YOY by 1.3% by the end of the third quarter. Rental pricing has also slowed at this time despite many millennials moving back into the cities. While Q4 is expected to bring additional increases in the mortgage rate, the market is still active with buyers who couldn't find the right home & sellers who are more patient with a quality home. For the full story on the current market, check out our Q3 2022 Twin Cities Real Estate Market Update blog here: