Market Monday - Eden Prairie School District May Update

Eden Prairie School District ~ May 2023 Update

!Market Monday!

The Real Estate Market in the Eden Prairie School District has appreciated quite a bit over the last few years! The median sales price of a single family home at the start of 2020 was $440,000 and at the start of 2023 the median sales price is just shy of $566,000! What has happened so far this year? As of the end of April, the median home price was $575,000. That is a 1.5% appreciation in the first 4 months of the year.

What will happen for the rest of this year? Will the market continue to appreciate? Will it crash? That is the million dollar question that everyone is asking. My answer is the same every time. I lost my broom stick and crystal ball a while ago (insert laughter here). BUT... the number crunchers and statisticians of Real Estate and the Economy are all stating the same message. They predict small gains this year (1-2%). They predict that the interest rates will come down as the year passes (let us all pray). With the month supply of homes still low - a 1.4 month supply of homes. Their predictions are probable. A Healthy market, equal to buyer and seller, is a 5-6 month supply of homes. We have quite a ways to go to get there. 

We will continue to monitor and update you on the market conditions around the metro. Please reach out to me if you have specific questions on your market.