Maple Grove Realtor: 2024 Home Sales Outlook Shows ‘Promising’ Signs
Home buyers experienced a triple whammy in 2023: inventory declined, interest rates rose and home prices also increased.
But Brandon Doyle with the Maple Grove-based Doyle Real Estate Team says 2024 offers a glimmer of hope. Listings are up slightly, while interest rates have declined.
“I think we’re going to see a very busy spring market,” said Doyle. “And then depending on what rates do, that momentum we’ll either carry through to the summer or we could see just a stabilization across the board.”
Doyle said the home buying season traditionally begins after the Super Bowl. But 2023 was anything but typical. According to Minneapolis Area Realtors (MAR), sales in 2023 plunged to their lowest level since 2011. That followed a 20-year high in 2021.
The number of closed sales was down 17.6 percent in 2023 compared to the year prior.
“Depending on the part of town, sales were down 20 to 30 percent in some areas,” said Doyle.
‘Promising’ Signs for 2024 Home Sales
The median sales price in the Twin Cities metro region was $368,000 last year. That was up 1.4 percent. Statistics show home buyers would have make about $100,000 a year to comfortably afford that median sales price.
Doyle sees the biggest opportunity for the move-up buyer who wants new construction. He also sees activity in and around the northwest suburbs.
“Plymouth has really been a luxury market, so the Hollydale neighborhood is booming. A lot of people want to be in there. Of course that’s going to be a million to $2 million, so not everyone can afford that,” said Doyle.
For more affordable options, Doyle points to a lot of new homes constructed just outside Maple Grove.
“So we’re looking at Rogers, Corcoran and Dayton. A lot of great options available for families,” he said.
Listings for single-family homes were up in Plymouth, Golden Valley, Robbinsdale and Brooklyn Center, according to December figures from MAR. Other areas of the northwest suburbs showed a decrease in listings.
But Doyle predicts more people willing to make a move in the coming months.
“I think this spring we’re going to see a lot of new listings come on. That’s very promising.”