Key insights from May 2026 (compared to May 2025)*
- New listings: 7,479 | +4.3%
- Inventory: 10,600 | +4.0%
- Months’ supply: 2.8 | +3.7%
- Pending sales: 5,254 | +10.6%
- Median sales price: $399,000 | +1.0%
- Closed sales: 4,713 | +0.0%
- Days on market: 45 | +2.3%
The highlights
- Market activity continues to grow despite a slower start to the spring market.
- New listings rose 4.5% across the state and 4.3% in the metro area.
- Affordability remains a top concern for buyers, though sellers are still receiving close to their full asking price (98.9% statewide and 99.7% in the metro).
Spring activity might have started out slower than expected, but it has quickly gained steam as we continue into summer. New listings rose 4.5% across the state and 4.3% in the metro area, showing an eagerness among sellers to take advantage of warmer temperatures and longer days. Buyer activity also grew, with pending sales growing 6.8% statewide and 10.6% in the metro and closed sales rising 2.8% statewide (though it remained flat in the metro).
Some metrics marked highs for the year, with closed sales statewide showing the largest gain so far in 2026 and new listings reaching the highest level for any month of any year since June 2022. As a result, inventory levels grew 6% and continue the 34-month run of inventory growth. While levels are still well below what would be expected in a balanced market, stable, incremental growth is a positive sign that the market is heading the right direction.
More homes mean more options for buyers, which is one reason why we are seeing an increase in buyer activity. However, affordability remains a major barrier to many, despite the median sales price increasing a modest 0.7% statewide and 1% in the metro. Inflation, sluggish economic growth and higher mortgage rates continue to cause buyers to hesitate, and first-time buyers feel squeezed out of the market. This has caused the time on market to grow 10% across the state and 2.3% in the metro. However, sellers should be buoyed by receiving 98.9% of their listing price seen statewide and 99.7% in the metro.
Both buyers and sellers should be encouraged by market trends as we continue into the heart of summer. Should rates soften slightly, we may see a flurry of activity as buyers take advantage of growing inventory and the lock-in effect dissipates. Regardless of what happens with rates, a seller’s well-priced property and a motivated buyer can strike a mutually beneficial deal this summer with the help of a local REALTOR®.
Economic check up
- Minneapolis-St. Paul area unemployment rate: 3.8% (as of April 2026)
- Average rates for 30-year conforming mortgage 6.47%**
Ready to help
We are here to help you confidently navigate your housing needs, now and always. Whether you are researching future options, or your circumstances require immediate action, reach out to an Edina Realty agent today for guidance.
*Data courtesy NorthstarMLS for the 16-County Twin Cities metro area for May 2026.
**Data sourced from Freddiemac.com for informational purposes only. Please contact your mortgage consultant for any questions related to specific loan transactions.
Where you live
Edina Realty serves locations across Minnesota and western Wisconsin. Here’s a look at the market indicators where you live. All % changes are year-over-year.
Alexandria Area
- New listings: 177 | -9%
- Inventory: 293 | -6%
- Months’ supply: 3.60 | -10%
- Pending sales: 116 | -6%
- Avg. sales price: $363,314 | +9%
- Days on market: 45 | -13%
Brainerd area
- New listings: 977 | +10%
- Inventory: 1,832 | +3%
- Months’ supply: 4.70 | No change
- Closed sales: 478 | +13%
- Avg. sales price: $422,265 | +15%
- Days on market: 57 | +14%
Lake Superior area
- New listings: 603 | +6%
- Inventory: 1,056 | +21%
- Months’ supply: 3.90 | +22%
- Pending sales: 280 | -1%
- Avg. sales price: $353,350 | +2%
- Days on market: 39 | +26%
Southeast Minnesota area
- New listings: 769 | +14%
- Inventory: 1,299 | +15%
- Months’ supply: 2.90 | +7%
- Closed sales: 577 | +12%
- Avg. sales price: $365,279 | +3%
- Days on market: 45 | +22%
St. Cloud area
- New listings: 181 | -10%
- Inventory: 337 | +10%
- Months’ supply: 2.90 | +4%
- Pending sales: 147 | +14%
- Avg. sales price: $324,663 | +7%
- Days on market: 46 | +59%
Mankato area
- New listings: 245 | +1%
- Inventory: 440 | +18%
- Months’ supply: 3.20 | +19%
- Pending sales: 174 | -16%
- Avg. sales price: $286,790 | -5%
- Days on market: 69 | -14%
Northwestern Wisconsin area
- New listings: 731 | +8%
- Inventory: 1,781 | -1%
- Months’ supply: 4.60 | -4%
- Closed sales: 457 | -5%
- Avg. sales price: $361,214 | +5%
- Days on market: 90 | +7%
West Central Minnesota area
- New listings: 349 | -12%
- Inventory: 874 | +12%
- Months’ supply: 4.10 | +8%
- Pending sales: 255 | +0%
- Avg. sales price: $242,558 | +2%
- Days on market: 59 | -2%
Bemidji area
- New listings: 109 | +7%
- Inventory: 205 | -20%
- Months’ supply: 4.60 | -29%
- Pending sales: 59 | +37%
- Median sales price: $300,000 | +12%
- Days on market: 50 | +32%
Leech Lake and surrounding area
- New listings: 115 | -6%
- Inventory: 239 | +3%
- Months’ supply: 5.00 | -15%
- Pending sales: 54 | +13%
- Median sales price: $331,250 | +4%
- Days on market: 35 | +192%
Little Falls area
- New listings: 44 | +38%
- Inventory: 67 | +116%
- Months’ supply: 4.30 | +153%
- Pending sales: 21 | -34%
- Median sales price: $354,500 | +36%
- Days on market: 14 | -18%
Southwest Minnesota area
- New listings: 120 | -8%
- Inventory: 323 | +12%
- Months’ supply: 4.30 | +13%
- Pending sales: 96 | +9%
- Median sales price: $185,000 | +11%
- Days on market: 61 | -14%
Headwaters area
- New listings: 185 | +7%
- Inventory: 350 | +8%
- Months’ supply: 5.00 | -23%
- Pending sales: 99 | +27%
- Median sales price: $285,500 | +10%
- Days on market: 82 | +19%