03 Feb 2024 December Housing Report
Each month the Minnesota Area Realtors put out a Housing Report for the prior month! Instead of compiling their typical graphic for the last month, Minnesota Realtors put together a 2024 Annual Housing Market Report. In all honesty, the blog itself has some fascinating information in it from 2024 when looking at the year overall. Please enjoy that report here or feel free to view the normal statistics link at your leisure.
As I mentioned, there were a few aspects in particular that I found intriguing. For starters, sales under $300K were down 8.5% while those above $1M rose 12.3%. Think about that stat for an additional minute. If I were to poll the audience on which would be a larger demographic, I would bet the easy majority would flip flop those percentages. In all reality though, I am actually shocked that the drop under $300K wasn’t larger. In fact, I would be incredibly curious to see what that percentage would look like if you removed townhomes and condos from that equation and focused solely on single family homes. Why you ask? Because the tough reality for first time buyers is that finding something under $300,000 across the entire metro area is unbelievably challenging.
The other item tagged as being worthwhile in my opinion is the overall resiliency of those buyers and sellers from 2024. We discussed all those headwinds throughout the year, but the fact that sales rose 1.8% in the metro is astounding. The best line from the blog relating more to sellers said, “Diplomas, diamonds, diapers, divorce, and death are common reasons sellers simply couldn’t wait any longer.” This is so true. Life rarely lets you time the market perfectly and when that underlying push to move does hit, leaving a no doubt amazing rate for a less desirable one is unfortunately the only option.
So…what’s your first tip for 2025? I know I have said this before, but focus on what is best for your own, personal situation when it comes to real estate. There are A TON of opinions that fly from every angle whenever you mention even the hint of moving. Try not to take all of them as fact, do your own due diligence, and always get a professional to help. Real estate is more complicated than you think and now more than ever, you need to be fully educated when navigating those waters.
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