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We hope you had a wonderful Thanksgiving and wish you nothing but the best for the rest of the holiday season! In Minnesota, this “in-between time” after Thanksgiving and before the New Year is typically the slowest time of the year for real estate sales. However, the neighborhood has remained active this fall. The median days on market for homes in our area is only eight! On top of that, sellers are receiving 2.9% over asking price on average. Interest rates have fluctuated lately, going up into the 8’s and back down to the low 7’s. The Mortgage Bankers Association recently predicted rates to hold steady until Q2 ‘24 when they anticipate them to come down to 6.5% and eventually to 6% by the end of ‘24. If you have questions about the market or your home, we’d love to be a resource to you. Happy Holidays!
Neighborhood Market Data – Sep 1 – Nov 22nd, 2023 (Click for up-to-date neighborhood listings)
- Median Sales Price – $449,000
- Avg % of List Price Rec’d – 102.9%
- Median Days on Market – 8
- Closed Sales – 17
Mortgage Corner from Chris O’Connell
MNHomeLender.com
Mortgage rates continue their retreat from highs above 8% due to encouraging inflation and employment data. However, home buyers should expect elevated mortgage rates in the short-term as the true effects of higher rates on the economy remain to be seen. However, buyer competition continues to slow and flexible programs allow many first time buyers easier access to homeownership.
