The Minnesota Realtors put out their annual housing report again this year in early February. Following are a few key metrics from the 2025 housing report that may be of interest to both buyers and
2023 Real Estate Forecast
Dated: January 20 2023
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An email landed in my inbox earlier this month from the National Realtors Association with an article titled “2023 Real Estate Forecast: Market to Regain Normalcy”. After thinking about the real estate market over the last 2 years I concluded that this article offered the common sense information that I want to provide for you if you are planning to be a buyer, seller, or both this year.
Before looking ahead to the 2023 forecast let’s look at how 2022 ended for Minnesota with some stats from the MN Housing Report for Dec 2022:
Closed sales declines 12 straight months
New listing were down
Homes stayed on the market for average of 46 days
Sellers accepted offers at 96% of asking price
Overall number of homes for sale was up which increased inventory to 1.5 months
Median sales price up by 1.7% to $350,000
Now for the NAR Magazine 2023 Real Estate Forecast for a look ahead on the national level:
2022 was a year of housing volatility
2023 will become a year of normalcy returning to the market
Mortgage rate expected to stabilize and may settle at 5.7% by year end
Home sales and prices will moderate after recent highs
I hope you will read deeper into the reports that you will find on the links above. If you are thinking about the Real Estate market this year, let’s get started! Please call anytime!
And one more thing. There is a great local Real Estate radio show on Sundays from 8-9 am on Love105 FM hosted by Ryan O'Neill. It always has great guests and information!
Ruth Lecy
With over 35 years of experience in residential real estate I have the expertise you are looking for. My experience spans from land and lot sales and purchase; to first-time buyers; to luxury multi-m....
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