The Key Takeaways
We still have an inventory shortfall.
Limited supply is not something unique to Northeast Minneapolis. We have been seeing this through the metro area. Without enough inventory to meet the constant demand of Buyers we are going to continue seeing Sellers with more power when listing their homes for sale.
Buyers are adjusting to new rates.
A drastic increase in mortgage rates across the nation threw the housing market into chaos as we closed 2022. Each week of 2023 has produced higher foot traffic across the metro housing market. This has shown the pent up demand and Buyers still on the sidelines – willing to jump into the market when the right home presents itself.
Good listings are still selling fast.
New builds, renovations, and overall homes in need of few repairs are still selling very quickly. Which lends itself to the idea that we were in a completely unbalanced market where even bad homes were selling very quickly.