Market Update - Rates Are Dropping???

I’ve got some exciting news that could significantly impact your real estate plans, whether you’re buying, selling, or just keeping an eye on the market. Mortgage rates in both Minnesota and Wisconsin have been dropping, and this shift could mean big things for you!

First, let’s dive into the local market numbers. As of August 2024, we’ve seen a notable decrease in new listings compared to last year. In the Stillwater School District, new listings dropped from 149 in August 2023 to 114 this August. Similarly, in the Hudson School District, we saw a slight decline from 67 new listings in 2023 to 64 in 2024. Overall, new listings across both districts are down by 17.59% from last year and by 12.75% compared to July 2024.

Now, let’s talk about prices. The average home price in the Stillwater School District has risen significantly, from $565,021 in August 2023 to $677,838 this year. In the Hudson School District, prices also climbed, with the average price going from $430,859 last August to $508,011 in 2024. This marks a 19.08% increase since last year and a 4.69% rise from July 2024.

And what about the average days to sell? In August, homes in the Stillwater School District sold in an average of 34 days, while in the Hudson School District, it took about 62 days, giving us an overall average of 48 days. This is an important factor to consider if you’re planning to list your home soon.

On the selling side, these rate drops are bringing more buyers into the market, which is great news if you’re thinking about listing your home. Increased buyer demand can lead to quicker sales and potentially higher offers as buyers look to take advantage of these lower rates.

But here’s the thing – these lower rates won’t last forever. The market is always changing, and while it’s impossible to predict exactly what will happen next, many experts believe rates could start to climb again later this year as the Federal Reserve adjusts its policies.

So, if you’ve been on the fence about buying or selling, now might be the perfect time to make your move. Whether you’re looking to buy your first home, sell your current property, or simply explore your options, I’m here to help guide you through the process.

Feel free to reach out with any questions, or if you’d like to discuss your specific situation. You can find all my contact details in the description below.

If you need detailed stats for the Hudson and Stillwater School Districts or any surrounding areas, don't hesitate to reach out! We're here to provide you with the insights you need. We cover the entire St. Croix Valley and beyond, ensuring you have the most accurate and up-to-date information for your real estate decisions. Your trusted source for local market updates and more—contact us today!