NW Metro March Market Update

TC real estate…..”Median rental prices have increased by double-digits for eight consecutive months,rising 19.8% year-over-year. While home prices continue to climb, according to Realtor.com’s January Rental Report, buying a starter home is more affordable than renting a similar sized apartment in more than half of the nation’s largest metropolitan areas.

That’s because, nationally, rent growth is rising faster than home prices, with economists expecting rental prices to outpace listing price growth in 2022.

In the Twin Cities region, for the week ending February 19: • New Listings decreased 3.0% to 1,057 • Pending Sales decreased 11.0% to 913 • Inventory decreased 19.2% to 4,429For the month of January: • Median Sales Price increased 10.6% to $333,000 • Days on Market decreased 2.4% to 41 • Percent of Original List Price Received increased 0.1% to 99.6% • Months Supply of Homes For Sale decreased 20.0% to 0.8″

FROM MINNEAPOLIS AREA REALTORS®