Minnesota Realtors officials say closed sales in April were down almost 31% statewide compared to last year as the state’s real estate season got off to a rough start this spring.
Officials shared that there were fewer homes for sale altogether but that the homes that did sell were listed at lower prices.
It’s no surprise to Minnesota Realtors President Emily Green, who says our late start to spring and higher interest rates played a role.
However, those who might be distraught over the current real estate market shouldn’t let their heads hang, according to Green.
“Eventually, you will win in a multiple offer situation, or that house will come on the market,” Green says. “If you just stick with it and keep going towards your goal of ownership.”
Green added that she’s optimistic that May’s numbers will show some improvement, with interest rates ticking down and buyers beginning to show interest again.
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