September year-over-year summary of key market indicators:
- Closed sales decreased 18.2% to 7,501
- Median sales price increased 4.8% to $324,900
- Average sales price increased 6.8% to $378,231
- New listings decreased 17.0% to 8,384
- Pending sales decreased 26.9% to 5,969
- Days on the market increased 18.5% to 32 days
- Homes for sale increased 2.1% to 13,828
Closed Home Sales Across Minnesota by Region
In September, closed sales declined in 10 out of 13 regions compared to a year ago, bringing Minnesota’s average number of closed home sales down 18.2% year over year. Three regions reported increases: Upper MN Valley at 7.3%, Southwest at 6.1%, and Northwest at 2%. The smallest declines were seen in Southwest Central at 3.1%, North Central at 3.7%, and Arrowhead at 3.8%. The largest declines were reported in East Central at 17.3%, Central at 20.7%, and 7-County Twin Cities at 23.6%. See the chart below for more details comparing closed home sales for September 2022 to September 2021.
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