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 – shensrud@homesmsp.com

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