📊JUNE 2023 - Minnesota Housing Market Update

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Big jump in New Listings, while Home Prices drop for the second month. Demand continues to soar despite increase in rates. Everything you need to know about the Minnesota Real Estate housing market update for the Twin Cities in 2023. I'll share with you my predictions for buying and selling a home in 2023, and let you know if a housing market correction is expected.
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If you're living in Minnesota or thinking about moving to Minnesota and looking for the best Twin Cities suburbs, this is the channel for you! We help answer questions like what are some of the best neighborhoods in Minneapolis for families, where you'll find the best places to live in Minnesota. Let us be your local Twin Cities real estate guides to the best neighborhoods in Minneapolis and St Paul, and the surrounding suburbs as well!
Joe Carmack, Minnesota Realtor®
Keller Williams Classic Realty
(763) 291-8083@
jcarmack@kw.com
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Опубликовано:

6 авг 2024

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Комментарии : 10

@BlackMetalBass Год назад

Instead of a crash, do you think we will see a slow bleed or stagnation in median home prices adjusted for inflation?

@LivinginMinnesota Год назад

Certainly. We're already seeing a slow down, particularly in regards to the quantity of homes being sold and the overall competitiveness of those that are. I can't say how significant it will slow, but what I can say is that once rates come down I think we'll see a massive surge of people who then decide to buy and sell. There are a lot of people waiting on the sidelines right now. Unfortunately, when that happens our prices will see quick up tick also. I'd MUCH much rather have a lower price with high interest, since you can refinance later to get your rate and payment down. Can't get the price back down after purchase!

@juanito3821 Год назад

@@LivinginMinnesota so you think the current house prices will go up higher once rates drop? Are you saying current prices won't ever hit pre pandemic prices anytime soon?

@LivinginMinnesota Год назад

Great questions @juanito. The median home price is up 29% since March 2020 ($282k/364k). I'd be absolutely SHOCKED for prices to come down that far, ever. There is simply too much demand relative to the supply of sellers - even with rates as high as they've been. I believe there is also a LOT of additional off-market demand being built up with people holding off waiting for rates to come back down. Because of that pent up demand, I absolutely think we'll see buyers who are on the sidelines get out into the market and that will drive prices up.

@LivinginMinnesota Год назад

It's fairly unrelated to where the overall market is at, but one thing I'm curious about is if the presidential election next year will affect rates. Historically, in each of the presidential elections for the past 20 years, rates have gone down slightly the months leading up to the election. With how the market and inflation, plus how the Federal Reserve is talking, I wouldn't be surprised if we see rates starting the drop mid-to-late 2024 (and not much sooner). But who knows for certain! Just a hunch.