Home Prices In Minneapolis Falling As Winter Nears

Median home prices in Minneapolis are dropping as is usual this time of year.  You can look at this graph and see how prices typically peak around June and by August they are already starting to drop.  I think we will continue to see prices drop through the winter.  Inflation in food, energy, taxes, and rents is really hurting the lower and middle class and I think we are going to see more would be first time home buyers priced out of the market.  We still have an extremely low supply of homes so I think we will see more single family homes purchased by buyers with the cash to handle the transaction.  

As you can see in the second graph we are at the lowest inventory on record for August with only a 2.0 month supply of homes for sale.  So this market is still very good for sellers and very hard for buyers.  The old houses in Minneapolis often need a lot of work so be ready to fix up the property if needed.