August 2023 real estate market update… home prices increase

After showing little year-over-year monthly price growth for much of the year, median sales price in August 2023 was 2.7% over August 2022… tied with January. Nationally, most experts predict year-end home prices will net positive.

August 2023 new and closed listings were lower than last year, but they dropped by much less than last month. New listing dropped 16.0% in July and only 2.8% in August.

Days on market before accepting an offer increased by 18.5% compared to 31.8% last month… to 32 days on market. Median sales price increased 2.7% compared to last August, and average percent of list price received was 100%.

Multiple offers kept sales prices growing in August, with a higher percent of multiple offers than last August.

Median sale price was the same as list price in August 2023.

Total number of homes for sale dropped again compared to last year, which is helping feed the multiple offers. Percent list price received has been below last year all year, but every month starting in April has had median prices at list price or greater.

Months supply of inventory, which takes into account both the number of homes for sale and the rate at which they are selling, is 2.2 months in August, the same as it was in July. This supply shortage is helping fuel the multiple offers. Condos have the highest months supply.

The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors.

Never forget that all real estate is local and what is happening in your neighborhood may be very different from the overall metro area.

Click here for local reports on 350+ metro area communities

Sharlene Hensrud, RE/MAX Results –


Written By

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

Related Posts

Weekly real estate market update 4/12/24… new listings up, new houses are getting smaller

đź–¨ Print Article New listings hit their highest point in eight months, heading in the right direction. Showing activity bounced up again following the dip caused by the snow storm…...

Defining Mid-Century Modern Style

đź–¨ Print Article I am a long-time lover of the mid-century modern style, and curate a list of mid-century/modern homes listed for sale in the MLS each week as part...

Subscribe to Our Newsletter for Market Updates & Mid-Century Modern Listings

Our weekly HomesMSP Update includes current local market information and a curated list of mid-century modern properties for sale, plus posts from an inspector, a lender, a stager, info about neighborhoods, life in the Twin Cities… even recipes!


Blog Categories


Sharon and John Hensrud

About Us

The HomesMSP Team is committed to meeting you where you are and listening… really listening to understand you so we can use our extensive knowledge of the market and local neighborhoods to give you personalized service.