Report: Median Sales Price Spikes as Inventory Shrivels

MINNEAPOLIS — Demand continued to outpace the available housing supply in July as new listings declined -0.2% and closed sales fell -8.7% compared to 2020 statewide.

As buyers chased scarce inventory with multiple offers, the median sales price rose +12.5% to $315,000, setting another historic high.

The intense activity meant homes spent less time on the market, down to just 25 days—an unprecedented low.

On average, sellers were receiving 102.7% of their asking price.

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In Stearns County, there were 266 new listings in July, up from 251 in July of 2020.  The median sales price in July was $241,500 in July of 2021, up from $214,000 last July. The number of days on the market was just 20 compared to 47 last July.

In Benton County, there were 62 new listings in July, up from 60 in July of 2020.  The median sales price was $239,900 in July of 2021, compared to $211,000 last July.  The number of days on the market was just 17 days, compared to 34 in July of last year.

In Sherburne County, there were 249 new listings in July, compared to 242 in July of 2020.  The median sales price was $345,000 in July of 2021, compared to $290,000 last July.  The number of days on the market was 20 in July of this year, compared to 37 in July of last year.