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April 2026 Hosing Report

By MNR News posted 12 hours ago

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Housing Market Gains Momentum: More Homes, More Deals, Softer Metro Prices
Key Updates: Both buyer and seller activity rose in April, according to new data from the Minnesota state and Twin Cities metro REALTOR® Associations.

New listings rose 8.9% statewide and in the Twin Cities.
Signed purchase agreements (pending sales) increased 7.4% statewide and 6.9% in the metro.
The median sales price was flat statewide but fell 2.0% in the metro.

Market activity improving across several key metrics

Both buyers and sellers were more active this April than last. New listings rose 8.9% for both the state and metro as the spring selling season begins. As for buyers, the number of signed purchase agreements jumped 7.4% statewide and 6.9% in the metro. While the total number of homes for sale rose 8.1% statewide, and 7.2% in the metro, inventory levels remain well below what’s needed for a healthy, balanced marketplace. Supply gains have expanded choices for buyers and eased some of the competition seen in recent years. First-time buyers still face the biggest hurdles while move-up buyers and downsizers benefit from existing home equity.

“More listings and more sales are encouraging signals heading into the heart of the spring market, but monthly payments are still the biggest hurdle for most households,” said Wendy Uzelac, President of Minnesota Realtors®. “Any sustained improvement in mortgage rates—combined with these inventory gains—would truly help open the door for first-time buyers. Sellers should benefit from pricing their properties realistically.” Rates, renewed inflation, and broader economic conditions have a market impact alongside underlying fundamentals like supply and demand.

Significant differences between market segments across state:

Closed sales under $300K were down 2.6% and sales over $1M declined 13.9%

Single-family sales fell 2.6%; condo sales were down 4.3%; townhome sales decreased 5.4%

Previously owned sales were 1.1% lower while new construction sales tumbled 15.0%

Three-bedroom home sales fell 8.7% while four-bedroom home sales rose 1.9%

Non-waterfront sales decreased 2.7% and private waterfront sales declined 8.4%

Sales were down 6.1% in Minneapolis but up 6.8% in St. Paul

Sellers more patient and flexible amid rising market times and mixed price movement

The median home price was flat statewide but down in the metro. The statewide median price is still $360,000 while the metro median price softened 2.0% to $392,000. Stubborn mortgage rates, less competition, fewer multiple offer situations combined with more supply and weaker demand (April notwithstanding) all mean less upward pressure on home prices. Prices may be recalibrating to today’s market conditions. Those planning to list their homes should have realistic expectations and understand that this market is less hurried compared to a few years ago.

Overall, it took sellers longer to accept slightly less of their list price than last April. Those who sold their homes in April 2026 obtained 98.4% of their list price compared to 98.8% last year. The metro figure was 99.3% versus 98.7% last year. Sellers also had to be more patient as buyers showed less urgency. Properties spent 64 days on the market statewide and 57 days in the metro—both up 10-15% year over year.

“As sellers adjust, affordability remains the name of the game for buyers,” said Danielle Bickham Pelton, President of the Saint Paul Area Association of REALTORS®. “More inventory and a calmer environment are helping but sticky mortgage rates are still a barrier.”

“Move-up buyers and downsizers with equity continue to drive this market,” said Aarica Coleman, President of Minneapolis Area REALTORS®. “Slowing price growth may open up some possibility for first-time buyers, but affordability hinges so much on rates. Homeownership continues to be most accessible to people who already have some capital.”

Economy and rates impacting real estate

Ultimately, homes are purchased by those working local jobs and earning local incomes to sustain payments and maintenance on those homes. Nationally, job growth has weakened but April figures were better than expected. The latest inflation numbers are starting to show the impact of the Iran conflict on energy prices. Consumer prices rose 3.8% in April, the highest since May 2023.

Consumer confidence has taken a hit as well, but financial markets remain resilient. The impact of rising energy prices can have a lag, but they affect nearly every industry. These factors all drive Treasury yields higher, including the 10-year yield that primarily influences mortgage rates. The 30-year yield is currently above 5% and is nearing a 19-year high.

But there’s plenty of reason for optimism. More listings are coming to market, sales are rising, and inventory is gradually rebuilding. Better interest rates would continue to improve conditions for buyers. Economic growth also remains positive, wages are still rising, consumer spending is holding up, and the hope is the labor market can continue to recover and gain momentum. All real estate remains local and dependent on local jobs, incomes and housing supply. Despite some uncertainty, homeownership remains an important aspiration for most Minnesotans.

For more information on weekly and monthly housing numbers visit www.mnrealtor.com, www.mplsrealtor.com or www.spaar.com.

April 2026 Mapped | Exploring Spatial Market Trends

(Click on button to view desired map!)

All information is according to Minnesota Realtors® based on data from NorthstarMLS and participating MLSs.
Data are deemed reliable but not guaranteed. MNR serves the entire state of Minnesota.
MAR and SPAAR serve the Twin Cities metro and western Wisconsin.