May year-over-year summary of key market indicators:
- Closed sales decreased 6.5% to 7,622
- Median sales price increased 10.2% to $341,500
- Average sales price increased 8.8% to $393,572
- New listings increased 3.6% to 11,380
- Pending sales decreased 12.0% to 8,577
- Days on the market decreased 10.3% to 26 days
- Homes for sale increased 4.8% to 10,408
Closed Home Sales Across Minnesota by Region
In May, closed sales declined in 11 out of 13 regions compared to a year ago, bringing Minnesota’s average number of closed home sales down 6.5% year over year. Two regions reported increases: Northwest at 19.4%, and Southeast at 3.5%. The smallest declines were seen in Upper MN Valley at 2.4%, Headwaters at 3.2%, and Southwest at 8.9%. The largest declines were reported in Arrowhead at 20.3%, West Central at 22.0%, and Southwest Central at 25.7%. See the chart below for more details comparing closed home sales for May 2022 to May 2021.