Interesting Real Estate Trend in Champlin MN
Frank D'Angelo
Real Estate Market Update for
Champlin MN as of APRIL 1st 2023.
As of February 2023, the real estate market in Champlin, MN is showing some interesting trends. In this article, we will examine the market conditions and analyze the data provided by Minneapolis Area Realtors®. This report covers the rolling 12 months and provides insight into the median sales price changes and the market activity for Champlin. Let's dive into the data and see what it tells us about the current state of the Champlin real estate market.
Introduction
Champlin is a suburb located northwest of Minneapolis. It is a popular destination for families looking for a small-town feel with easy access to the city. The Champlin real estate market has seen some fluctuations over the past year, and the data for February 2023 provides some insight into what we can expect moving forward.
Market Overview
The data provided by Minneapolis Area Realtors® shows that the rolling 12-month median sales price for Champlin is up 5.9% compared to the prior year. This is a positive sign for homeowners who may be looking to sell their homes in the near future. However, it's important to note that this data does not account for seller concessions and that activity for one month can sometimes look extreme due to a small sample size.
Median Sales Price
As mentioned above, the rolling 12-month median sales price for Champlin is up 5.9% compared to the prior year. This means that homes in Champlin are selling for more than they were a year ago. Additionally, the data shows that the median sales price for Champlin is currently $329,000. This is slightly higher than the median sales price for the Minneapolis-St. Paul-Bloomington Metropolitan Statistical Area, which is $326,000.
Sales Activity
The data for Champlin shows that there were 825 closed sales over the past 12 months. This represents a 46.7% increase in sales activity compared to the prior year. This is a positive sign for the Champlin real estate market, as it indicates that there is strong demand for homes in the area.
Housing Inventory
The data for Champlin shows that there were 210 active listings in February 2023. This is a 40.9% decrease compared to the prior year. This means that there are fewer homes available for sale in Champlin than there were a year ago. This can create a more competitive market for buyers, as they may need to act quickly to secure a home.
New Listings and Days on Market
The data for Champlin shows that there were 1,017 new listings over the past 12 months. This represents a 0.6% increase compared to the prior year. Additionally, the data shows that the average days on market for Champlin is currently 29 days.
