Twin Cities Market Update – February 7, 2020

CoreLogic’s latest Single-Family Rent Index report saw the cost of renting single family homes, including condos, up 3% in November 2019 compared to November 2018. According to the report, rent prices started climbing in 2010 and have stabilized around an annualized rate of 3% since early 2019. With the cost of rent continuing to trend upward, it makes sense that many are considering paying their own mortgage, instead of their landlord’s, by becoming first-time homeowners.

In the Twin Cities region, for the week ending January 25:
• New Listings decreased 5.2% to 916
• Pending Sales decreased 0.9% to 795
• Inventory decreased 14.9% to 7,751

For the month of December:
• Median Sales Price increased 8.2% to $279,000
• Days on Market decreased 1.8% to 56
• Percent of Original List Price Received increased 0.5% to 97.3%
• Months Supply of Homes For Sale decreased 15.8% to 1.6