February year-over-year summary of key market indicators:
- Closed sales decreased 12.9% to 3,919
- Median sales price increased 7.8% to $304,500
- Average sales price increased 10.3% to $353,409
- New listings decreased 8.5% to 5,801
- Pending sales decreased 10.2% to 5,237
- Days on the market decreased 6.3% to 45 days
- Homes for sale decreased 21.0% to 6,606
Closed Home Sales Across Minnesota by Region
In February, closed sales declined in 10 regions compared to a year ago, bringing Minnesota’s average number of closed home sales down 12.9% year over year. Three regions reported increases, with Southwest Central marking double-digit gains, at 11.1%, Southeast at 5.9%, and Southwest at 1.6%. Eight regions saw double-digit declines in closed home sales. The largest of these were West Central, down 27.4%, East Central, down 18.1%, and Northwest, down 17.6%. See the chart below for more details comparing closed home sales for February 2022 to February 2021.