The Twin Cities market cooled a little in September, but prices held their ground. Here is what the latest Realtor reports show and what it means if you plan to buy or sell in the metro this fall.
The numbers for September 2026
Minnesota REALTORS® reports that the 7-county Twin Cities region had a median sales price of $395,000 in September, the same as September 2025. Year to date, the median is $400,000, up 1.1%. Minneapolis Area REALTORS®, which tracks a wider 16-county region, also shows a $395,000 September median, up 1.3% from a year earlier.
Homes are taking a bit longer to sell. In the 7-county region, the median time on market rose to 37 days from 34 a year ago. Sellers received 97.8% of their original list price on average, down from 98.6%.
Supply is the bigger story. Months of supply in the 7-county region rose to 3.2 from 2.8. In the 16-county region, inventory climbed 11.2% to 12,411 homes for sale. New listings in the 7-county region rose 2.6% to 5,480, while closed sales slipped 4.9% to 3,340 and pending sales fell 11.2%.
Mortgage rates this week
On the financing side, Freddie Mac’s Primary Mortgage Market Survey for the week of October 15, 2026 put the average 30-year fixed rate at 7.40%, unchanged from the week before, and the 15-year fixed at 6.71%, down from 6.73%. A year ago the same survey showed 6.27% and 5.52%. The St. Louis Fed’s FRED database lists the same weekly readings. The survey assumes a conventional purchase loan with 20% down and excellent credit, so your own quote may be higher or lower.
Higher rates help explain the slower pending sales. When the monthly payment on the same house goes up, some buyers wait, and others shop at a lower price point.
What it means for buyers
More homes on the market and a few extra days on market give buyers room to compare and negotiate. A list price is a starting point, not a final answer, especially on homes that have sat for a few weeks.
- Get pre-approved before you tour so you know your real payment at today’s rates.
- Ask your agent how long a home has been listed and whether the price has changed.
- Request seller-paid closing costs or a rate buydown instead of only a lower price; it can lower your monthly payment more.
- Do not skip the inspection to win a deal. The market no longer demands it in most metro areas.
What it means for sellers
Prices are steady, but buyers have more choices than they did a year ago. Pricing right from day one matters more than it did when months of supply sat below three.
- Price off recent closed sales near you, not last spring’s headlines.
- Fix small, visible items before photos; buyers notice them first.
- Be ready to talk about concessions. The Realtor reports note their prices do not account for seller concessions, which are common in a slower market.
- Watch your showing count in the first two weeks. If traffic is light, adjust early.
The bottom line
The Twin Cities market is balanced and slowly shifting toward buyers. Prices are flat to slightly up, and inventory is rising. Rates near 7.4% are the main thing holding buyers back. A local agent can show you how these regional numbers look in your neighborhood and price range.
Photo: “Downtown Minneapolis skyline across the Mississippi River” by Guywelch2000, Wikimedia Commons, CC BY 4.0
Sources: Minnesota REALTORS® Local Market Updates, September 2026 (via rasminfo.com and stcloudrealtors.com); Minneapolis Area REALTORS® Local Market Update and Monthly Indicators, September 2026 (NorthstarMLS data); Freddie Mac PMMS (Oct. 15, 2026); FRED series MORTGAGE30US and MORTGAGE15US.
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Sponsored by Dan DeMark, REALTOR® | LPT Realty | goldenrulerealestateservices.com
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This article is general information only and is not financial, legal or tax advice. Talk with a licensed lender, attorney or tax professional about your own situation.
