Prices Holding, Buyer Activity Slowing Across Minnesota

Fewer buyers are touring homes across the Twin Cities right now. In fact, October brought the lowest number of showings per home in 10 years, even as prices continued to edge upward. Here’s what’s really happening in the Minnesota housing market this fall.

📊 October Market Highlights

  • Average Sales Price: $476,900 (+4.5% YOY)

  • Days on Market: 48 (+6.7% YOY)

  • Closed Sales: 3,900 (–4.8% YOY)

  • New Listings: 5,770 (+0.7% YOY)

  • Months Supply of Homes: 2.6 (Seller’s Market)

  • Showings per Listing: 4.5 (Lowest since 2015)

  • Mortgage Rate: 6.25% (12-Month Low)

📉 Buyer Activity Has Cooled Off

The biggest story of the month is buyer foot traffic.
On average, there were only 4.5 showings per listing in October — the lowest number since 2015. That means fewer buyers are actively touring homes, and listings are starting to sit a bit longer than we’ve seen in recent years.

While fall is normally a slower season, this drop suggests that buyer urgency has softened, especially compared to the frenzy of earlier post-pandemic years.

🏠 Inventory Remains Tight

Even with slower buyer activity, inventory is still limited.
The months supply of homes sits at 2.6, which still classifies as a seller’s market. New listings were up just 0.7% year-over-year, so there’s not a sudden flood of homes hitting the market.

With fewer listings overall, prices have continued to hold — and in many areas, they’re still rising slightly.

💸 Mortgage Rates Ease Lower

Mortgage rates ended October near 6.25%, the lowest level in over a year and below many experts’ forecasts. This dip provides a little breathing room for buyers who saw rates around 7% just a few months ago.

If rates remain in the mid-sixes, we may see renewed buyer activity heading into the new year.

📈 Sales Still Lag Pre-Pandemic Levels

Over the past 12 months, the Twin Cities metro recorded 46,000 home sales — about 3% higher than last year, but still 23% below the five-year pre-pandemic average.
That means we’re operating well below what would have been considered a “normal” market from 2015–2019.

🧭 What It All Means

The Twin Cities housing market remains steady but slower. Prices continue to climb modestly, but with fewer buyers in the mix, sellers need to be sharp on both pricing and presentation.

For sellers:
✔️ Price your home correctly from day one
✔️ Make sure it shows beautifully online and in person
✔️ Expect slightly longer days on market

For buyers:
✔️ Less competition means more breathing room
✔️ Lower mortgage rates may improve affordability
✔️ Be ready to act quickly on the right property

💰 Thinking About Selling?

If you’re a homeowner here in Minnesota and you’re curious what your property might sell for in today’s market, I’d be happy to provide a quick, no-obligation home evaluation.

👉 Visit SearchMinHomes.com to get your personalized market analysis, or reach out directly to my team.

 

This has been your October 2025 Twin Cities Market Update. Stay tuned for next month’s report as we track how the winter real estate season begins to unfold across Minnesota and Western Wisconsin.