Twin Cities Home Prices Drop, Listings Rise in April Report

Home sale prices posted the biggest drop in more than a decade, according to new April sales numbers released by Minnesota Realtors.

Median home sale prices fell 2 percent in the Twin Cities market to $392,000. There were also 3.4 percent fewer closings.

Jerry Moscowitz, a local realtor with Re/Max Results, said he’s seeing more listings on the market than in previous years. He said the growing availability of homes for sale is a sign the market is becoming more balanced after years of higher prices favoring the sellers. 

Moscowitz said houses are taking slightly longer to sell. The median days on market for a home to sell is now 24 days compared to three years ago when it was 19 days.

While houses may not be selling as quickly, Moscowitz said homes that are well-prepared are still being snatched up quickly. That is different from past years when Moscowitz said any available houses were desirable.

“They want a home, for the most part, in good shape,” Moscowitz said. “If it needs work, they want to make sure they’re getting it at a price that seems fair for the amount of work it needs.”

While the drop in prices is slight, Moscowitz said it’s not economically significant. Broader economic conditions, he said, are impacting buyers’ budgets. 

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