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October is here, which means fall is officially in full swing! As we head into the final stretch of the year, we are seeing the typical fall shift in the real estate market. Now is a good time to take a closer look at how the market is changing and what it could mean for both buyers and sellers.
The Twin Cities housing market is beginning to show signs of the seasonal slowdown, with showing activity down 8.8% from this time last year. At the same time, the national 30-year fixed mortgage rate is at its highest level in more than a year and a half, adding another consideration for buyers and sellers as they navigate the fall market in this area.
Buyers: While overall showing activity is down 8.8% in this local market, demand varies by price range. Showings for homes priced between $300K and $400K have decreased, yet this price range still accounts for the largest share of showings in the Twin Cities. For homes priced between $400K and $500K, interest has actually increased, with showing activity up 1.8% compared to this time last year. Buyers, make sure you are paying attention to the trends in your specific price range when shopping in this area.
Sellers: With overall showing activity down 8.8% in the Twin Cities, sellers should be prepared to compete for buyers this fall. However, demand is not declining evenly across all price ranges, with homes priced between $400K and $500K seeing an increase in showing activity of 1.8% compared to this time last year. Understanding how buyer activity is trending within your specific price range can help you set realistic expectations as you prepare to sell.
Whether you are following the national real estate market or buying or selling in the Twin Cities, the market is shifting this fall, and mortgage rates are playing a role. Both buyers and sellers should stay vigilant and pay close attention to market trends to make informed decisions and get the most out of their real estate experience. With 24 years of real estate experience, I’m here to help you navigate these changes and make sense of what they mean for you. If you’re considering buying or selling, please reach out and let’s discuss your next move.
