The Only Minnesota City Where Homes Are Selling Fastest Right Now
Home sales ebb and flow over the course of the year, but right now, there's only one city in Minnesota where homes are selling the fastest.
If you're looking to sell your home, you already know that the faster it sells, the better, right? There are several factors at play right now that are slowing down home sales overall.
The real estate market here in the North Star State and across the country is somewhat unsettled right now. Mortgage rates have been steadily increasing over the past year, and are now much higher than they were last year or several years ago. According to Bankrate.com:
On Monday, November 06, 2023, the national average 30-year fixed mortgage APR is 7.80%. The average 15-year fixed mortgage APR is 7.19%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
And, homes typically sell faster in the summer and slower in the winter, especially here in Minnesota and in other places with cold weather climates. And overall, homes were taking longer to sell in 2023, even during the summer months.
In fact, this KRQE-TV story, using data from Stacker and Redfin, said that in June, the median number of days a home spent on the market was 29, which was 11 days longer than in the summer of 2022.
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Home to the world-famous Mayo Clinic, Rochester is Minnesota's third-largest city, behind only Minneapolis and St. Paul, and is the largest city in the Bold North outside of the Twin Cities metro region. According to KRQE, Rochester ranked 49th on the Places Where Homes Are Selling the Fastest list earlier this year.
According to the list, the median number of days homes were on the market in Rochester in June of 2023 was just 12, while the median home sale price came in at $310,000. The Rochester area saw 409 homes sold during that period.
And while it's impressive that Rochester made the list, those rankings show that it's definitely a seller's market right now, with the survey noting that 'when homes sell faster, it can be a sign that any given market is less buyer-friendly, and decisions must be made quickly.'
Speaking of homes, keep scrolling to check out the amazing lake home of Minnesota Twins shortstop, Carlos Correa, which he bought earlier this spring after signing a multi-year deal to stay in Minnesota!
Minnesota Twins Carlos Correa's Amazing Lake House
Gallery Credit: Curt St. John