"Minneapolis just got meaningfully cheaper. The median list price fell to $299,950 in February - a 5.5% drop year-over-year, more than double the national decline of 2.1%."
"Active listings rose 6.5% year-over-year to 627 homes, yet that lagged the national gain of 7.9%. More telling: new listings actually fell 4.3% from a year ago."
"Only 8.9% of listings carried a price cut - far below the national rate of 15.5%. Sellers weren't slashing prices in desperation; the decline reflects the mix of homes listed."
Minneapolis experienced a notable shift in its housing market in February, with a 5.5% drop in median list prices to $299,950. Active listings increased by 6.5% year-over-year, but new listings fell by 4.3%. Buyers now have more options and negotiating power, while sellers are not panicking despite the price drop. Only 8.9% of listings saw price cuts, indicating that the decline is due to the mix of homes rather than a widespread panic among sellers. The market is transitioning, providing opportunities for both buyers and sellers.
Read at SFGATE
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