The real estate market feels like it is finally moving into a more balanced market. Months supply of inventory, which takes into account not only the number of homes for sale but also the rate at which they are selling, was at its highest point in 10 years. At a 3-month supply it still has a ways to go to get to a 5-6 month balanced market but a 10-year best is still worth celebrating.
New listings, pending sales and closed sales all increased in July 2026…
Days on market before pending was the same as last year, and the % of list price received has been slowly falling, while median sales price has been consistently rising… helped by trackable multiple offers higher than any other July in the last eight years.
While year-over-year median sales prices have continued to increase, they aren’t showing the blockbuster increase increases of 2021 and 2022 following the pandemic. However, at 3.3 percent increase July 2026 showed the biggest year-over-year increase since those two years.
Looking at the supply of homes by price range, $250k-$350k continues to be in lowest supply, but all price ranges $150k up to $1M are also in seller’s market range. It’s interesting that both the low range under $150k and the upper range over $1,000,000 have moved into buyer’s market range. Condos continue to have the highest months supply.
The months supply of both previously owned and new construction homes increase over last July, but this month showed a bigger increase in new construction than previously existing homes for sale.
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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