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Every year, after a long—often grueling—winter, Minnesota begins to thaw. Even if it comes as late as April (or sometimes May), we always get there. As Minnesotans eagerly anticipate the trees budding green and flowers sprouting from once frozen ground, many of us also prepare for one of life’s biggest decisions: buying and/or selling real property.

This is the famed “spring market” that every Realtor®—from seasoned vets to rookies—is well acquainted with. Typically, the spring market’s timeframe runs from after the Super Bowl (yes, it’s cruel to think that’s “spring” in Minnesota) through the Fourth of July. Marked by frenzied open houses, tight showing windows and heated negotiations, spring is unlike any other time on the real estate calendar.

Several factors make it the busiest time of year —from people preferring to move when it’s warmer, families not wanting to relocate during the school year, and the fact that many lease agreements are up for renewal in the spring/early summer. In a climate like Minnesota, waiting for the snow to melt to list your home improves cosmetics and makes showings less of a hassle. 

But how economically significant is this time of year? We dug into the numbers to get a better idea of what the data tells us about the spring real estate market. 

How Listings Grow in the Spring 

One of the best indicators is to track how new listings, which represent new homes coming onto the market, grow month over month. In the winter, new listings drop to their lowest levels. But starting in February, new listings pick up steam, peaking in May, before tapering off again in June and July. 

What to Expect in 2023 

Though all real estate is local, we can look to statewide and sometimes national trends to better anticipate our 2023 spring season—which is already ramping up with more open houses and buyers getting back into the game. As we come out of the pandemic-induced housing boom, national experts expect this spring to be marked by less activity than previous years in most markets; the Midwest included. But MNR leaders foresee a healthy market, even though it will be down from last year’s frenzy. Statewide inventory shortages mean no major price drop and heavy competition in the form of multiple offers, especially for well-maintained properties. 

Looking at statewide data in March, we already saw new listings leap by over 2,100 properties compared to February, while pending sales were up by almost 1,200 month-over-month. New listings and pending sales can be key indicators of where the market is headed short term. While Realtors shouldn’t treat this spring like that of 2021 or 2022, they still must be prepared for a fast-paced seller’s market—one that also offers buyers slightly more negotiating power.