As always, reach out to discuss how these numbers affect your market timing at [email protected]
March data is in! This month, we've experienced a dynamic market underscoring the need for strategic listing preparations and robust marketing efforts.
Closed Sales: In March 2024, there were 45 closed sales - a far cry from February's 18 closed sales! This highlights how swiftly the market picks up during this time of the year as the weather warms.
New Listings decline: This March we saw approximately 17% fewer new listings on the market. With fewer options, buyers appear to be giving listings that have been sitting a second look.
Median Sales Price: Though the volume of sales and new listings are down, the median sales price rose to $335,000 from $317,000 in March of 2023.
Median Price per Square Foot: Along with the rise in Median Sales Price, we experienced a boost in median price per square foot to $313 from this time last year.
Median Days on Market: Properties sold approximately 14% faster this March than in March of 2023. This highlights strong demand for downtown properties.
These data points collectively paint a picture of a dynamic downtown Minneapolis real estate market in March 2024, characterized by rising prices, and reduced time properties spend on the market.
Data retrieved from the NorthStarMLS via map of Downtown Minneapolis Neighborhoods including: Loring Park, Elliot Park, Downtown West, Central Minneapolis, North Loop, East Town, Mill District, Nicollet Island, St. Anthony West, and Marcy-Holmes.
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