We pay special attention to real estate trends in our home market. These trends are highly important to us and our real estate agent partners as they tell us where the market is headed. In addition, we use these insights to build new products that help people move to new homes no matter how hot or cold the market is.

So what are we currently seeing in the market:

New Listings have dropped and now are significantly behind 2020. As the school season got underway, new listing activity has dropped. The market remains hot, but the boil has come off a little with the affordability index dropping and days on market ticking up.

The total listings has leveled off to around 8,000 available homes. Inventory levels continue be far lower than previous years, creating a difficult market for buyers and likely keeping many buyers out of the market because of a lack of options.

The median sales price dropped to $341,000 from $350,000. This may be a sign of some relief, but home prices increasing over $60,000 in 24 months point to a difficult market for buyers, especially those without homes, that have seen appreciation, that they can tap into.

As the market continues to favor sellers, Onward is committed to help buyers move on their own timelines and change how real estate has been done. Our products help agents create listings and hopefully freeing up some of the congestion in the marketplace.

All data is from Minneapolis Area Realtors^®