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Weekly Market Report

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For Week Ending December 14, 2024

For the first time in 10 years, the U.S. real median gross cost of renting—rent, plus the average monthly cost of utilities and fuel, adjusted for inflation—grew faster than median home values on an annual basis in 2023, rising 3.8% compared to 1.8%, according to the 2023 American Community Survey. The median gross rent rose from $1,354 in 2022 to $1,406 in 2023, with renters spending 31% of their income on rent and utilities.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 14:

  • New Listings increased 16.3% to 729
  • Pending Sales increased 5.3% to 641
  • Inventory increased 2.3% to 8,249

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 3.4% to $375,000
  • Days on Market increased 25.0% to 50
  • Percent of Original List Price Received increased 0.2% to 97.6%
  • Months Supply of Homes For Sale remained flat at 2.3

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Heading into the Holidays, Mortgage Rates Increase

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December 19, 2024
This week, mortgage rates crept up to a similar average as this time in 2023. For the most part, mortgage rates have moved between 6 and 7 percent over the last 12 months. Homebuyers are slowly digesting these higher rates and are gradually willing to move forward with buying a home, resulting in additional purchase activity.

Information provided by Freddie Mac.