St. Cloud Housing Market: Low Inventory, Rising Prices

UNDATED -- The weather isn't the only thing that's hot these days, so is the housing market.

Minnesota Realtors says the market was defined by three things during the first half of 2021. The three overarching themes across the state are a lack of inventory, booming closed sales, and rising prices.

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Jason Miller is a St. Cloud Realtor and the President-Elect for the Minnesota Realtors Association. He says St. Cloud and the central region mirrored the statewide data.

The year started off strong with closed sales up over 25 percent over last year.  But, as we moved through spring and into the summer, new listings shrank.  As buyers scrambled for properties, supplies thinned to barely a month.  In June new listings bounced back up 12 percent from last year, but it had little to no impact on historically low inventory.

Demand pushed the median price to $310,000 in the St. Cloud area, an increase of 19.2 percent. This was reflected in the percent of the original list price received, which rose to 103 percent.