For Week Ending December 31, 2022
Rental prices are rising at the slowest pace in 19 months, with rents up 3.4% nationally as of last measure, marking the 10th consecutive month of slowing rent growth, according to Realtor.com’s recent Rental Report. Among the 50 largest metropolitan markets, the median asking rent declined $22 month-to-month to $1,712 and was down $69 from July 2022’s peak of $1,781. Rents in Sun Belt markets slowed at a faster rate than rents in the Midwest and in big metros such as Boston, Chicago, and New York, which have seen stronger rental growth this year.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 31:
- New Listings decreased 22.7% to 331
- Pending Sales decreased 29.0% to 409
- Inventory increased 20.2% to 6,582
FOR THE MONTH OF NOVEMBER:
- Median Sales Price increased 4.4% to $354,900
- Days on Market increased 33.3% to 40
- Percent of Original List Price Received decreased 2.6% to 97.2%
- Months Supply of Homes For Sale increased 50.0% to 1.8
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.