Why Waiting To Buy In Winter Might Be better In Minneapolis

Summer is coming to an end. Its August and that means September is right around the corner. Before you know it it is going to be November and then Christmas. In Minneapolis and all over Minnesota sales drop dramatically in the colder months versus the summer months.

Monthly Closed Sales Twin Cities 

As you can see in this graph between June and January sales drop every single month. What happens to home prices? They drop a lot as well.

Monthly Median Sales Price Twin Cities

Does this mean that there are not going to be good values in August, September, and October? No, there are always going to be good homes that are priced well and give buyers the opportunity to build equity. But if you wait until the winter months two things are going to happen.

  1. There are going to be a lot less people looking to buy. People don’t like to move during the holidays and they don’t like to move when it is cold.
  2. Average homes prices are going to drop. I see it every year. Homes that would sell for $210,000 in June end up selling for $195,000 in January. It all comes down to supply and demand.

So if you are looking right now and you can’t find what you want in your price range don’t worry. Just keep looking because there will be a good deal and prices will continue to drop as we get closer to Winter.