Minnesota Housing Market by Season: When to Buy & Sell

Whether you're in the market to buy a new home in Minnesota or you're trying to sell a house you've lived in for years, the time of year can have a huge impact. Unfortunately, if you need to move urgently because of a new job opportunity or other life development, you might not have much say in when you buy or sell a property. But if your schedule for moving is more flexible, you should consider the month when you buy or sell a home carefully.

Overall, May is the best month to sell a home in Minnesota while the best month to buy varies more on a year-to-year basis. Read on to learn how home value fluctuates from season to season.

Buying & Selling Homes in Minnesota by Season

• Spring - Because Minnesota tends to be cold and snowy from early December through late April, spring is when the housing market is at its busiest. Nice weather is conducive to an easy move, and many people take advantage by trying to move into or out of a Minnesota property as soon as the last snow has melted. May is hands-down the best month to sell your house in Minnesota, with house prices jumping up as newcomers move to the state and homes usually selling within a month on the market. If you want to sell your home early and beat the rush, homes still sell for a higher average in March and April than they do in late summer, fall and winter. Home buyers will find plenty of houses on the market in spring but may want to hold off until summer if money is an issue, and prepare for a competitive market if they do choose to buy in spring.

• Summer - If you're buying a house in Minnesota, it might be wise to wait until summer. Homes still sell fast and expensive during June, but average housing prices drop significantly in July and August, presenting a much less competitive market for buyers. For buyers who want a good balance of houses being readily available and not overpriced, late summer is probably the best time to buy in Minnesota. Home sellers who weren't ready to sell in spring will find that June is still a great time of year for home sales, with properties continuing to move fast at top-dollar prices. But as the demand for houses drops off later in summer, so will the amount that sellers can ask for.

• Fall - As the leaves start falling and the air grows colder, the demand for houses dwindles in Minnesota. September is a great month for buyers because there are still a good number of houses on the market but average prices will have decreased significantly since early summer. Houses will become even cheaper in October and November but availability will become more limited, too. If you're selling your home, you might want to avoid fall, since your home will likely be on the market for almost twice as long as during spring and summer, and you're likely to make substantially less money off the sale.

• Winter - Unless you have no other choice, don't sell your home in winter. Because of Minnesota's treacherous winter weather, the last thing that anyone wants to do is move all of their possessions into a new home. Home values are at their absolute lowest in December, while January and February aren't much better. If you have to put your house on the market, then the closer to spring, the better. Home buyers, however, may want to try their luck in winter, if they're willing to brave the cold and the snow. While availability is limited in winter, most sellers will be much more willing to strike a bargain due to the lack of demand, with homes often sitting on the market for over three months in winter.

Buy or Sell at the Right Time with the Chris Fritch Team

No matter the season, selling or buying a home will be much easier when you partner with a team of experienced real estate agents. Contact the Chris Fritch Team with eXp Realty today for all the help you need to buy or sell your home in the greater Twin Cities area!