Across the NorthstarMLS coverage area, showing activity was down 2.8% compared to the same week in 2024. Only four out of nine price ranges had more showings compared to last year. Every segment had less showing activity except for $1M+, where showings rose 8.3%. The $200-249K price range saw the largest decline of 38.5%. Homes over $1 million accounted for 2.7% of showings; homes between $300-400K made up 28.4% of showings.
The 2024 annual report (check it out!) showed a 6.4% increase in new listings and a 1.1% increase in closed sales—but the new unofficial data from January 2025 offers a pulse on current trends. New listings rose 8.2% while pending sales fell 3.6% based on NorthstarMLS-reported activity in MN. Market times rose to 47 days and sellers accepted about 97.2% of their original list price. Months of supply was flat at 2 months; inventory was up 1.2%. The median price rose 4.7%. Note that these are preliminary figures and may change slightly.
At 7.0% flat, according to Mortgage News Daily, average fixed mortgage rates have been higher for longer than most buyers would like. It seems to be a mix of inflationary fears (partly caused by tariff concerns) and strong economic data suggesting the Fed could keep rates elevated. Incomes and personal spending were both strong in January, and the unemployment rate remains low. Job growth slowed but remains strong.