Nationally, the median age of owner-occupied homes is 40 years, according to the 2021 American Community Survey (ACS), the most recent survey available. Among owner-occupied homes, nearly half were built before 1979, while only 10% of homes were built 2010 or later. As America’s housing stock continues to age, and with a limited supply of residential new construction available, the home renovation industry has experienced a boom the last few years, especially during the pandemic, which saw homeowner remodeling and repair spending increase by double digits, per the Leading Indicator of Remodeling Activity (LIRA) from the Harvard Joint Center for Housing Studies.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 11:
- New Listings decreased 22.0% to 855
- Pending Sales decreased 22.6% to 713
- Inventory increased 15.1% to 5,647
FOR THE MONTH OF JANUARY:
- Median Sales Price increased 2.7% to $342,000
- Days on Market increased 46.3% to 60
- Percent of Original List Price Received decreased 3.6% to 96.0%
- Months Supply of Homes For Sale increased 44.4% to 1.3
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.