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Twin Cities’ inventory of homes for sale is at its lowest level in decades

•The inventory of homes for sale in the Minneapolis-St. Paul metro dropped nearly 24 percent year-over-year (Y-O-Y) to 8,751 active properties this month. This is the lowest level seen since at least the early 2000s.

•While all price categories are experiencing diminishing supply, homes that are $350,000 or less have seen inventory decrease Y-O-Y by 37 percent.  The number of available homes under $150,000 has more than halved since early 2016.

•This is causing the housing market for first-time homebuyers to be particular tight. As such, some residential realtors say there is a recent trend of Millennials purchasing homes further away from the CBDs where demand is less intense.

•Despite the steep competition currently among buyers in the market, it is expected that rising prices will lure more homeowners to sell as spring approaches. 

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