Minnetonka Market Trends For May 2024

The real estate market in this area is currently experiencing a low inventory situation, with only 1.76 months of supply available. This means that there are fewer homes for sale compared to the number of buyers in the market, leading to increased competition and potentially higher prices for sellers.

However, there has been a significant decrease in the months of inventory over the past year, with a change of -2.76%. This indicates that the market is becoming even tighter, with homes selling at a faster rate than new listings are coming on the market.

The median days homes are on the market is only 18, which is a relatively short amount of time. This suggests that properties are selling quickly once they are listed, further highlighting the high demand in the market.

Sellers are also seeing strong returns on their investment, with homes selling for 99.8% of their list price on average. This indicates that there is little room for negotiation on price, and buyers may need to act quickly and offer competitive offers in order to secure a property.

The median sold price for homes in this area is $550,000, showing that prices are on the higher end. This could be due to the limited inventory and high demand driving up prices.

Overall, the data suggests that this is a competitive market for both buyers and sellers. Sellers can expect to see quick sales and strong returns on their investment, while buyers may need to act fast and be prepared to pay top dollar for a property in this area.