Housing Supply

Inventory is finally on the rise—in Minnesota and nationwide. In March, Minnesota saw an 11.4% increase in new listings, with over 719,000 homes on the market by mid-April—a 32.5% jump from last year. Nationally, total homes for sale reached 1.8 million in March, up 15% year over year. New listings also rose 8.2%, while average days on market ticked up slightly to 47.

Mortgage Rates

Rates remain steady, offering some relief for spring buyers and sellers. As of late April, the average 30-year fixed mortgage rate sits at 6.81%, down from 6.83% the week prior and well below 7.17% this time last year. After peaking above 7% in January, rates have hovered in the mid-6% range.

Average for 30-year fixed-rate new purchase loans with at least a 20% down payment and an applicant credit score of 680 to 739.

Home Prices

Home prices are still rising. Nationally, the median existing-home price hit $403,700 in March, with overall median sale prices nearing a record $431,000—marking 21 consecutive months of annual growth. In Minnesota, prices remain strong and steady, with increased inventory supporting active demand.

Market Activity

While national home sales slowed in March—down 5.9% to a 4.02 million annual pace—Minnesota is bucking the trend. Pending sales were up 4% from 2024, signed purchase agreements rose 4% statewide and 5.5% in the Twin Cities, and inventory climbed 9.5% year over year.