Breaking with the trend from previous months, new listings across Minnesota fell in November, dropping almost 7 percent from last November, from 5,411 to 5,035.
Since October 2017, new listings hitting the market have fallen 35 percent from 7,804 in October to 5,035 in November, pointing to a seasonal cooling of the listing market around the holidays.
During this period, home values continued to rise when compared to this time last year and remained steady from October numbers.
Through November, the median home price in Minnesota was up 6.7 percent at $223,000 over last November, rising in all 13 regional development areas in Minnesota. In November, months supply of inventory continued to fall, falling to 2.5 months, a 19.4 percent decline over November 2016, continuing a long-term challenge for prospective homebuyers.
Median home prices vary by location, with median (midpoint) home prices ranging from a low of $87,000 in Upper Minnesota Valley Region to $250,000 in the Seven-County Metro Region. Median prices in the Seven-County Metro Region remain up 5.5 percent year-to-date.