When Is the Best Time To Sell a House in Minnesota?
Minnesota’s real estate market has shown remarkable resilience, even amidst national housing fluctuations. With its mix of urban and rural appeal, the state attracts a variety of buyers, from young professionals to retirees. Home values have been steadily rising, making it an enticing time to consider selling your property. However, timing your sale correctly can greatly impact the time your home stays on the market and the kinds of offers you receive.
Selling a house in Minnesota isn’t just about putting up a for-sale sign. Various factors influence the best time to sell a house in MN, including seasonal trends and economic conditions. In this guide, we’ll delve into the specifics of Minnesota’s housing market, highlight the optimal times to sell, consider regional differences, and share essential tips for preparing your home for sale.
Understanding the Minnesota Housing Market
Minnesota’s housing market is currently supported by several positive factors. The state offers a high quality of life with excellent schools, abundant recreational opportunities, and a strong job market. These elements make Minnesota a desirable place to live, driving sustained demand for housing. The Twin Cities metro area, in particular, is a significant draw for buyers, with its blend of urban amenities and suburban charm.
The median home price in Minnesota has seen steady growth throughout 2024, reaching nearly $360,000 (reflecting a 5% year-over-year increase). This upward trend in home values encourages many homeowners to consider selling. That said, higher mortgage rates (currently averaging around 7%) have cooled some buyer enthusiasm. Rising home insurance costs also add to the challenge of affordability.
Inventory levels in Minnesota remain relatively low (though it is starting to rise in 2024), with many homeowners opting to stay put to avoid higher mortgage rates. This limited supply has kept competition among buyers strong, although homes are staying on the market a bit longer than in previous years.
Seasonal trends also play a significant role in Minnesota’s housing market. The state experiences significant seasonal population shifts, with more activity in the warmer months. On the other hand, there is an increasing demand for for-sale property in the fall in some areas.
The Ideal Times to Sell in Minnesota
Timing your home sale can significantly influence your success in the Minnesota real estate market. Here are the best months to sell, based on the median sale prices:
- May and June
These months see high buyer activity due to nice weather and the end of the school year. In 2023, homes sold in May had a median sale price of $341,600, while June saw a median price of $352,300 (the highest of the year). The warm weather and long daylight hours make it easier for buyers to view homes and dedicate time to the moving process. - July
Although slightly less active than May and June, July remains a strong month for home sales, with a median sale price of $347,400. Summer vacations and continued pleasant weather keep the market lively. - August and September
These months benefit from families who are motivated to settle in before the new school year starts. Homes sold in August 2023 had a median price of $351,100. September sales showed a decrease ($338,300) but still performed well, with buyers eager to finalize purchases before the temperature starts to drop. - October
In some areas of Minnesota, fall can be an excellent time to sell. The fall foliage makes many homes more attractive, and buyers are motivated to close deals before winter puts everything on hold. October 2023 saw a median sale price of $334,300.
When are the Worst Times to Sell a House in Minnesota?
Even with a resilient housing market, there are certain times of the year when sellers lose some of the advantage. If you can avoid listing during these times, you might have a better selling experience. Typically, it can be more difficult to sell a house in Minnesota during the following times:
- Winter Months
The harsh Minnesota winters have a tendency to deter buyers. Snow and cold weather make moving difficult, and it can be hard to get excited about starting in a new area when all you see are gray clouds, frozen sidewalks, and snow-covered yards. Homes listed in these months often stay on the market longer and fetch lower prices. In January of 2023, the median sale price was $310,800 (the lowest of the year), and in January 2024 it was only slightly higher at $323,600. - The Holiday Season (November and December)
The focus on holidays and travel means fewer buyers are searching for homes. This period sees lower demand and less favorable sale prices. Homes listed in December 2023 had a median price of $321,900 and stayed on the market almost twice as long as the median number of days.
- February
Although February sees slightly higher housing prices as the season gets ready to transition into spring, it also shows the longest median times for houses remaining on the market. In February 2023 the median days of homes on the market was 51, and February 2024 hit the same peak. This represents 26 more days than the yearly median of 25.
Regional Differences within Minnesota
House prices in Minnesota can fluctuate significantly from area to area (or even city to city). Different places have unique market dynamics and peak selling periods, and understanding these regional variations can help you be more strategic as you prepare to put up that ‘for sale’ sign. Depending on where your property is located, consider the following:
- Twin Cities
The Twin Cities metro area (Minneapolis and St. Paul) has a healthy housing market with strong demand throughout the year. Spring and early summer are the best times to sell, but the market remains active well into the fall. Alternatively, some buyers may prefer to get started shopping for property in the winter, hoping to beat the rush in the busier spring months. The area’s diverse job market and urban amenities attract a wide range of people, making it relatively steady. - Northern Minnesota
In Northern Minnesota (Rochester and the surrounding areas) where winters are harsher, the fall can be a favorable time to sell. Buyers are often eager to close deals before the severe cold weather begins, making September and October prime months for selling. This is especially true for buyers looking for vacation properties or second homes, who may prefer to purchase early to have everything set for the following summer. - Southern Minnesota
While spring and summer are generally good times to sell, the local real estate market in areas with strong healthcare employment (like Rochester) can be less seasonal due to the steady influx of medical professionals year-round.
Strategic Tips for Selling Your Home in Minnesota
Selling your home in Minnesota requires thoughtful preparation to attract the best offers and ensure a smooth transaction. Here are some tips to help you get your home ready for sale:
- Consult with a Realtor First Thing
There’s a lot of preparation involved in getting your house ready to sell. Reach out to a real estate agent well before you plan to list your home, as they can provide valuable insights on the best times to sell in your area and help you prepare your home for the market. - Dial in on the Financial Considerations
Although the costs associated with selling your home should be offset by the final amount you get back, there are still a number of upfront expenses to be aware of. Realtor fees, closing costs, potential repairs — you will need to budget for these costs early so you don’t hit a critical stage only to find yourself short on funds. Click here to learn about 4 Financial Considerations Before Selling Your House. - Be Competitive when Setting the Price
Work with your realtor to set a realistic and competitive listing price. Overpricing can lead to your home sitting on the market for too long, while underpricing can result in a loss of potential profit. - Prioritize Staging
Present your home in the best light by decluttering, updating furniture and interiors, and enhancing curb appeal. A well-staged home can attract morebuyers — and you may not even have to invest much in the staging process to get significantly better offers! - Make Necessary Repairs
Fix any visible issues such as leaky faucets, cracked tiles, or peeling paint. Buyers are more likely to make an offer on a home that doesn’t present any glaring issues, so focus on the most important repairs first. - Declutter and Depersonalize
Remove personal items and excess clutter to make your home feel more spacious and allow buyers to envision themselves living there.
For more information about the essential steps to selling a home, click here.
Sold.com Can Help You Sell Your House in Minnesota
What’s the best time to sell a house in Minnesota? It depends on several factors, but in most cases, spring and early summer (particularly May and June), offer the highest buyer activity and best sale prices. On the other hand, fall may also present unique opportunities and allow you to connect with motivated buyers before the winter closes in.
Perhaps the most important consideration you should make has to do with your circumstances. Work with your realtor to evaluate your needs and your availability in comparison to local market conditions, and you should be able to find the time that works best for you.
Sold.com can also help you manage these complexities, providing personalized advance and industry-leading tools while helping connect you with local agents who can get you the best possible price for your property. Because, after all, Selling a house is a pain. We’re making it less painful. There are now several ways to buy or sell. We’ll help you understand your options as you sell your home so you can make an informed decision! Take the seller quiz to get started for free.
