2024 Housing Report
2024 was a year of continued stability in the Twin Cities housing market despite persistent mortgage-rate pressure and limited inventory across much of the metro. Price appreciation continued, although at a slower pace than in previous years, while closed sales remained constrained by low supply in many market segments. The 2024 Annual Housing Report highlights these broader trends and includes several useful charts showing year-end performance across the region.
The year began with improving inventory and lower mortgage rates compared with late 2023, which brought buyers back into the market early. By spring, however, mortgage rates moved higher again, reducing momentum during what is typically the strongest part of the seasonal market. Summer brought more listings and improved choice for buyers, but pricing remained firm across most desirable markets. By fall, rates eased again, helping support stronger activity late in the year.
In addition to broader metro trends, the report also includes median price appreciation by city beginning on page 18. This is one of the most useful sections because it allows buyers and sellers to compare how individual communities performed year over year and how values have changed since 2020.
2025 Housing Outlook
While exact market movement is always difficult to predict, early-year trends continue to suggest that pricing, mortgage rates, and inventory remain the three strongest drivers of buyer and seller behavior across the Twin Cities market.
As always in Minnesota, timing matters. The early spring market typically begins in January and builds through March, while the strongest seasonal demand usually occurs from April through June, which is why preparing a home early and understanding spring timing often improves seller outcomes.
Mortgage rates are likely to remain a major influence on inventory. Even modest movement lower could encourage additional sellers to enter the market, while stable rates may continue to limit supply near recent levels. That suggests pricing should continue to hold firm, though at a more measured pace than in the strongest post-pandemic years.
For sellers, annual outlook reports are most useful when paired with neighborhood-level pricing, current inventory conditions, and thoughtful preparation before the spring market begins.
Current Edina homes for sale and neighborhood trends in Country Club offer useful local context when annual metro trends begin translating into pricing decisions at the neighborhood level.housing trends.
