Why Some Twin Cities Homes Sit While Others Get Multiple Offers

Right now in the Twin Cities, some homes sit for months, take price cuts and get negotiated hard, while other homes still sell fast with multiple offers. It has nothing to do with the headlines and everything to do with home type, location and competition. Here are five kinds of homes that are sitting, five that are selling, and how to use that to your advantage.

Figures are as of my video above (late 2025 into early 2026).

A segmented market

Two homes in the same neighborhood in the same month: one sells in 41 days with multiple offers, and the other sits 101 days with price cuts. You can’t call this a buyer’s or seller’s market. The metro had about two months of supply (balanced is five to six), the most balanced market in about five years. The median was about $390,000, up 3%, while pending sales were down 2% and closed sales down 6% statewide.

Buyers have gained leverage in many segments: around 1,000 price reductions a day across the Twin Cities, and more than 60% of brokers reporting more seller concessions, from rate buydowns to covering a year of insurance or HOA dues.

How to read “hot” and “cold”: under about three months of supply favors sellers, three to four is balanced, and past five to six, buyers gain the upper hand.

Five kinds of homes that are sitting

1. Dated split-levels from the ’60s to ’90s. Buyers walk past wood paneling and carpeted bathrooms for the remodeled rambler next door, or for new construction, where a builder’s rate buydown can make the payment the same or lower despite a higher price. Buyers are adding up mortgage, renovation costs and their own time. These homes sell when they’re priced to account for the updates.

2. Townhomes and condos with high HOA fees. Add a $500 monthly HOA to the mortgage and taxes and you may pay more than for a single-family home with a yard. Townhome sales were down 5%. The high-HOA units that sell are priced low enough that the total payment still beats the alternatives.

3. Large homes on busy roads. A beautiful 3,000- to 4,500-square-foot home, but stand in the backyard for five minutes and you’ll hear it. At higher prices, buyers won’t compromise on quiet. One study found values can rise about 1% for every decibel of traffic noise reduced. The location discount has to be big enough, and even then these homes take longer.

4. High-end homes with taste risk. In the $900,000-plus range, bold or very specific design (concrete floors, industrial finishes, purple accent walls) shrinks the buyer pool. The luxury market overall is strong, with sales over $1 million up about 24%, but buyers at that price want a home that feels custom to them. Neutral, adaptable finishes sell faster.

5. Downtown and investor-style condos. Starter homes were selling in about 41 days, while downtown condos stacked up to about 101. High HOA dues plus today’s rates create payment shock, financing can be harder, and lots of similar units give buyers strong leverage. (The 16% jump in overall condo sales came from more affordable areas, not the downtown core.)

Five kinds of homes still selling fast

1. Starter single-family homes. First-time buyers fell from about 40% of the market to 21%, but the pool for homes under $500,000 is still big and supply is limited. The fastest-selling range was the low $250,000s to mid-$300,000s. Priced right, these still get multiple offers.

2. Updated homes in established suburbs. Buyers don’t want projects; they want to move in and unpack. In places like Wayzata, Edina and Minnetonka (typical values in Minnetonka in the high $400,000s to low $500,000s), updated homes sell fast at a premium. Turnkey beats projects every time right now.

3. Updated character homes in walkable Minneapolis neighborhoods. Craftsman bungalows with original woodwork and modern kitchens in Linden Hills, Uptown or the Northeast Arts District can be gone in days.

4. Classic Saint Paul homes in prime neighborhoods. Saint Paul sales were up 7% in November while Minneapolis fell 20%. Well-kept homes near Summit Avenue and Irvine Park offer historic charm at better prices than comparable Minneapolis neighborhoods.

5. Properly priced lake, river and view homes. Morning coffee on the dock and sunset views: you can’t manufacture that, and it’s quiet. Waterfront is the hottest segment, but pricing is everything. Overpriced listings sit, while well-priced ones get multiple offers within days. See our lake homes page.

How to use this

Buying in a hot segment: have financing and your down payment ready, move fast, and compete on terms as well as price, with a flexible closing date, fewer contingencies and solid earnest money.

Buying in a cold segment: target listings that have sat 60, 90 or 120 days. Ask for concessions, repairs, closing cost credits or a rate buydown. Those sellers are motivated.

Selling in a hot segment: don’t get cocky. Price from recent sales, not 2022, and make sure the home shows well.

Selling in a cold segment: be realistic. Price below the competition, fix the obvious issues and expect to negotiate. You’ll save yourself months and multiple price cuts.

Not sure which segment your home is in? Email our team, check your home’s estimated value, or read why some Minneapolis sellers are losing money.