Twin Cities’ inventory of homes for sale is at its lowest level in decades

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JLL Minneapolis – St. Paul Snapshots:
Twin Cities’ inventory of homes for sale is at its lowest level in decades

Twin Cities’ inventory of homes

Historical months supply of residential inventory

• The inventory of homes for sale in the Minneapolis-St. Paul metro dropped nearly 24 percent
year-over-year (Y-O-Y) to 8,751 active properties this month. This is the lowest level seen since
at least the early 2000s.
• While all price categories are experiencing diminishing supply, homes that are $350,000 or less
have seen inventory decrease Y-O-Y by 37 percent. The number of available homes under
$150,000 has more than halved since early 2016.
• This is causing the housing market for first-time home buyers to be particular tight. As such, some residential realtors say there is a recent trend of Millennials purchasing homes further away from the CBDs where demand is less intense.
• Despite the steep competition currently among buyers in the market, it is expected that rising
prices will lure more homeowners to sell as spring approaches.

Source: JLL Research, Minneapolis Area Association of Realtors

Click to download JLL Minneapolis – St. Paul Snapshot: February 27, 2017

© 2017 Jones Lang LaSalle IP, Inc. All rights reserved.

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