End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Minneapolis, MN (Jan-Nov 2023)

End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Minneapolis, MN (Jan-Nov 2023)

Introduction

In accordance with our commitment to providing comprehensive real estate analysis, we present the End of Year Report for the median sale price per square foot of newly built houses in Minneapolis, MN. This report covers the period from January to November 2023, utilizing data sourced from Zillow.

Data Analysis

The following table displays the monthly median sale price per square foot for newly built houses in Minneapolis, MN for the aforementioned period:

Trends and Relationships

Upon analyzing the data, several trends and relationships emerge:

1. Overall Decrease: There is a general decreasing trend in median sale price per square foot from January to November, with some minor fluctuations along the way.
2. Seasonal Variations: There are noticeable fluctuations throughout the year, possibly indicating seasonal influences on the housing market.
3. Stability in Mid-Year: Prices stabilize around mid-year, with minimal variance between June and September.
4. End of Year Decline: Towards the end of the year, there is a slight decline in prices.

Highs and Lows

• High: January recorded the highest median sale price per square foot at $218.73.
• Low: March and February both marked the lowest median sale price per square foot at $208.30 and $208.41, respectively.

Monthly Percentage Changes

Annual Average

The annual average median sale price per square foot for 2023 is $214.38.

Quarterly Averages

1. First Quarter (Jan-Mar): $211.48
2. Second Quarter (Apr-Jun): $213.89
3. Third Quarter (Jul-Sep): $217.24
4. Fourth Quarter (Oct-Nov): $213.57

Closing and Ending Figures

• Closing Figure (November): $211.77
• Ending Figure (December): Data not available.

Analysis and Market Prediction

Market Assessment for 2023

Based on the monthly changes observed throughout 2023, it can be inferred that the housing market in Minneapolis, MN witnessed fluctuations but remained relatively stable overall. The slight decline towards the end of the year suggests a potential shift in market dynamics, possibly influenced by seasonal factors and economic conditions.

Advice for Clients

Buyers: For prospective buyers, particularly those looking for newly built houses, 2023 presented opportunities, especially during months with lower median sale prices per square foot. However, it’s crucial for buyers to conduct thorough market research and consult with real estate professionals to make informed decisions aligned with their financial goals.

Sellers: Sellers may have found favorable conditions in the first half of the year, with prices showing stability and even slight increases. However, towards the end of the year, sellers might have faced slightly more challenging conditions as prices experienced a modest decline.

Market Prediction for 2024

Looking ahead to 2024, the housing market in Minneapolis, MN is expected to remain resilient but may face some headwinds. Factors such as economic growth, interest rates, and supply and demand dynamics will influence market trends. While continued demand for housing may support prices, external factors such as inflation and geopolitical events could introduce uncertainty.

In conclusion, 2023 presented a mixed landscape for both buyers and sellers in the Minneapolis housing market. While opportunities existed, prudent decision-making and adaptability were essential. As we move into 2024, vigilance and agility will continue to be crucial for navigating the ever-evolving real estate market landscape.The End of Year Report provides valuable insights into the trends and dynamics of the newly built housing market in Minneapolis, MN for 2023. By analyzing the data, identifying patterns, and offering predictions for the upcoming year, we aim to equip our stakeholders with the knowledge necessary to navigate the landscape.