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April Market Update: Minneapolis-St. Paul Real Estate Trends

April data from the excellent Minneapolis Area Association of Realtors is out. We take the raw data and present it a little differently than they do.

  • New listings of homes for sale were down -23% vs 2021 in April (before rates started to climb).
  • Meanwhile, building permits to build SF homes were down -49% (!) vs 2021 in March (April data not out yet)

The Twin Cities had a severe housing shortage before interest rates started increasing, and these two trends are worsening that. Given that, it’s no surprise that prices continue to climb higher despite no relief on interest rates. Just imagine what might happen when rates moderate a bit.

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