How the market has shifted and what it means for your home’s value.
Over the previous nine months, we have felt the market shift. Closed sales are down 21.2% and new listings are down 24.1% from this time last year. Also, interest rates have nearly doubled. What does all of that mean?
Fortunately, in the Twin Cities, our real estate market is strong and resilient. We’re seeing multiple offers come back again, and the inventory of available properties is at 1.4 months. Just know that a balanced market is between four and six months, so we’re far from that. However, we’re seeing price gains on turnkey, well-maintained homes.
Do you want to know what your home could sell for in this shifting market? We have a tool that will show your home’s estimated value in just seconds. If you want to take advantage of this, click here to go to this feature on our website. You might just be surprised what your home could sell for in our spring market.
As always, if you have any other questions, you can call or text us anytime at (952) 222-9000. We look forward to hearing from you!
