Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending March 19, 2022

Publish Date: March 28, 2022 • All comparisons are to 2021

Rising sales prices and a surge in mortgage rates haven’t been enough to cool
demand and ease competition heading into the spring market. Agents are reporting
homes are selling at lightning speed and often with multiple offers. According to the
National Association of REALTORS®, 84% listings were on the market less than 30
days last month, with an average of 5 offers on each home sold, and 48% of offers
above list price nationwide.
In the Twin Cities region, for the week ending March 19:
• New Listings decreased 6.8% to 1,370
• Pending Sales decreased 6.6% to 1,180
• Inventory decreased 14.6% to 4,713
For the month of February:
• Median Sales Price increased 8.3% to $340,000
• Days on Market decreased 4.3% to 44
• Percent of Original List Price Received increased 0.7% to 100.8%
• Months Supply of Homes For Sale decreased 10.0% to 0.9