The percent of listings that closed in October 2025 with multiple offers indicated in the MLS listing was the highest since 2021, and I have experienced more that are not mentioned in the MLS. This is keeping showing activity and prices strong.
In October 2025 new listings increased 2.6% while pending sales decreased 2.8% in spite of strong showings as buyers as more selective. Closed sales were nearly flat compared to October last year.
After a long stretch of increasing inventory, eager buyers are causing inventory to level off and not only show a seasonal drop but a drop of 1.3% below last year at this time.
Months supply of inventory, which takes into account not only the number of homes for sale but the rate at which they are selling also dropped year over year in October. At 2.7 months, it is still a seller’s market… still a long way to go to get to a balanced market of 5-6 months supply.
Days on market before pending continues to increase, now at an average 48 days. Median sales price also continues to increase, fueled by a strong 98% of list price received. Median sales price in October 2025 was $389,900, 2.1% over last year.
Overall percent change in median home sales price was at the lowest level so far this year at 2.1%, compared to 4.2% last year in October.
The price range with the lowest months supply of inventory continues to be $250k-$350k, but even prices $500k-$1M have only a 3.2 month supply. Only prices over $1M are barely touching a buyer’s market at 5.8 months supply. Condos continue to have the highest months supply of inventory compared to houses and townhouses.
Months supply of previously owned homes is 4.2% below last year at this time, and while the supply of new construction is 1.8% above last year that isn’t much.
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.
Check with your Realtor for information on what is happening in your neighborhood.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
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