Home sales stay strong in Minnesota despite the pandemic

Minnesota's housing market has continued to thrive in April despite economic challenges brought on by the COVID-19 pandemic.

In April, the state saw growth among a number of key factors, year-to-year, according to the organization Minnesota Realtors.

Compared to 2019, closed sales were up 1.1 percent in April while median home prices rose 9.4 percent to $275,000.

At the same time, the number of days a house remained on the market fell to 48, a 12.7 percent drop from 2019. According to the Minnesota Realtors report, sellers took 98.8 percent of their asking price on average.

The organization credits smart thinking to adjust to social distancing by realtors, like upgrading online listing technology and hosting virtual open houses.

But, also contributing to the boost in numbers is a lack of houses on the market. According to the report, housing inventory was down 14.1 percent and April was the eighth consecutive month that inventory fell.

“Sellers who contemplated listing in the spring put their plans on hold waiting to see how the pandemic would evolve,” wrote Minnesota Realtors CEO Chris Galler.

Galler says he expects normal housing market trends to continue in the state despite the devastation caused by COVID-19 mitigation efforts.