January year-over-year summary of key market indicators:
- Closed sales decreased 9.9% to 4,365
- Median sales price increased 8.5% to $295,000
- Average sales price increased 9.0% to $338,754
- New listings decreased 11.2% to 4,791
- Pending sales decreased 10.9% to 4,497
- Days on the market decreased 10.9% to 41 days
- Homes for sale decreased 24.3% to 6,631
Closed Home Sales Across Minnesota by Region
In January, closed sales declined in 11 regions compared to a year ago, bringing Minnesota’s average number of closed home sales down 9.9% year over year. Two regions reported increases, with Southwest Central marking double-digit gains, at 10.4%, and South Central at 7.8%. Seven regions saw double-digit closed home sale declines. The largest of these were North Central, down 40.9%, East Central, down 24.6%, and Northwest, down 24.4%. See the chart below for more details comparing closed home sales for January 2022 to January 2021.The seven-county Twin Cities region comprises Anoka, Carver, Dakota, Hennepin, Ramsey, Scott and Washington counties. The official Minneapolis-St. Paul-Bloomington metropolitan statistical area recognized by the Census Bureau consists of 16 counties, on