April 2024 Downtown Minneapolis Real Estate in Review

The downtown Minneapolis real estate market in April 2024 has experienced significant shifts compared to April 2023, suggesting a more dynamic environment. If you're contemplating listing your property, the current trends suggest this could be a lucrative time to sell.

Here's a summary of the key changes:

Fewer New Listings, Stronger Demand
New listings are down by over 23%, with just 81 new properties entering the market last month. This reduction in new listings indicates a tightening supply, which could lead to increased competition among buyers. As inventory diminishes, sellers might find themselves in a stronger position, potentially driving up prices and accelerating sales.

Median Sales Price on the Rise
The median sales price for properties in downtown Minneapolis has seen a significant increase, up 17% compared to April 2023. This jump brings the median sales price to $509,450. Such a substantial rise in sales price points to a robust demand, suggesting that the market is appealing to a wide range of buyers.

Increase in Price Per Square Foot
Almost perfectly complementing the rise in sales price for the first time in awhile, the median price per square foot has also increased by nearly 17% year-over-year. This trend is consistent with the general upward trajectory in property values and is a key indicator of a healthy market. Buyers are willing to pay more for premium locations and quality spaces, reinforcing the attractiveness of downtown Minneapolis real estate.

Faster Sales with Reduced Days on Market
One of the most notable shifts is the dramatic decrease in median days on market. Properties are now selling in just 61 days, a reduction of nearly 40% from last year. This accelerated pace suggests that homes are being snapped up quickly, indicating that demand is outpacing supply.

Increase in Closed Sales
Despite the decline in new listings, closed sales are up by nearly 5% year-over-year. This increase in sales, combined with fewer listings, points to a market that's rapidly absorbing available inventory, underscoring the competitive nature of the current environment.

Conclusion: Now is the Time to List
The data from April 2024 paints a clear picture of a vibrant downtown Minneapolis real estate market.

With new listings down, but both sales price and price per square foot up significantly, sellers have a strong opportunity to capitalize on the current trends. The reduction in days on market and the uptick in closed sales further suggest that this is a seller's market, where demand is high and properties are moving quickly. If you've been waiting for the right moment to list your property, the data suggests that now is an ideal time to do so.