Is It Still a Seller's Market? Here's What the Data Says

If you've talked to a neighbor about selling lately, you've probably heard two completely different stories. One says homes are still flying off the market. The other says listings are sitting longer and buyers have the upper hand. Both are sort of right — and that's exactly why it's worth looking at the actual numbers instead of relying on whatever your cousin's coworker heard.

So here's the straight answer: across the Twin Cities metro, including our north metro communities like Elk River, Otsego, Zimmerman, Ramsey, and Anoka, it's still technically a seller's market — but it doesn't feel like the seller's market of 2021-2023, and that distinction matters for how you price, prepare, and negotiate.

What "Seller's Market" Actually Means

Realtors define market balance using months of supply — basically, how long it would take to sell every home currently listed at the current sales pace.

• Under 4 months of supply → seller's market
• 4 to 6 months → balanced market
• Over 6 months → buyer's market

That's the textbook definition. The metro has been under that 4-month line for years now, which is why agents keep using the phrase "seller's market" even as conditions shift underneath it.

Where the Numbers Stand Right Now

Pulling from NorthstarMLS data through the most recent reporting period, here's the picture across the broader Twin Cities region:

• Months of supply has been running in the 1.9 to 2.3 range metro-wide, well under the 4-month threshold that defines a seller's market.
• Median sales price across the 13-county region has held essentially flat year-over-year, sitting in the high-$300,000s, with Minnesota's statewide median landing around $354,500.
• Days on market have stretched out compared to the last few years, with homes in many submarkets now averaging somewhere in the 45 to 62-day range instead of the days-on-market sprints we saw at the peak.
• List-to-sale price ratio is still strong, with most sellers landing close to 98–99% of their original asking price.
• New listings have picked up meaningfully this spring, with one report calling early 2026 the strongest spring for new listings since 2022.

Put plainly: supply is still tight by historical standards, prices haven't softened, but the frenzy has cooled. Buyers have more time to think, more room to negotiate, and more choices than they had two years ago.

The North Metro Picture: Anoka, Sherburne, and Beyond

Zoom into our service area and the same story holds, with some local texture worth knowing.

Anoka County has seen closed sales dip modestly month-over-month earlier this year, a normal seasonal pattern rather than a red flag. Meanwhile, inventory in parts of Ramsey County has climbed double digits year-over-year, giving buyers noticeably more to choose from than they had a year ago. Average sale prices across the north metro counties have continued to inch upward even as the pace of sales has leveled off — which is the hallmark of a market that's cooling in tempo, not in value.

For a city like Elk River or Otsego, that translates to this: well-prepared, move-in-ready homes in popular price points are still attracting strong interest and multiple-offer situations. Homes that are overpriced, dated, or poorly marketed are the ones sitting — and sitting longer than they would have eighteen months ago.

Why It Doesn't Feel Like 2021 Anymore

A few things have changed the texture of the market even though the underlying supply-demand math still favors sellers:

1. Mortgage rates eased. Rates dipped below 6% for the first time in roughly three and a half years earlier this year, which widened the buyer pool slightly and gave more people the confidence to shop.
2. Inventory is recovering, slowly. It's still below long-run averages, but it's no longer at the rock-bottom levels of recent winters.
3. Buyers are more selective. With a bit more breathing room, buyers are asking for inspections, negotiating on repairs, and walking away from homes that don't show well — something that was far less common during the bidding-war years.

None of that erases the fundamental supply shortage. It just means sellers can no longer skip the prep work and expect the market to do the heavy lifting.

What This Means If You're Selling

You're still operating with the wind at your back, but the margin for error is smaller than it was. Pricing close to market value from day one matters more now — homes that get overpriced and then chase the market down tend to rack up days on market and condition the buyer pool to expect a deal. Staging, photos, and a clean pre-listing inspection aren't optional extras anymore; they're what separates a multiple-offer weekend from a 60-day sit.

What This Means If You're Buying

You have more room than you've had in years to ask questions, negotiate terms, and walk through a home without feeling like you need to decide in twenty minutes. That said, "more balanced" doesn't mean "buyer's market" — well-priced homes in good condition in desirable north metro neighborhoods are still moving quickly. If you find the right one, treat it with urgency even in a calmer overall market.

The Bottom Line

Yes, it's still a seller's market by the numbers — supply remains below the 4-month balance line, and prices have held firm. But "seller's market" in 2026 looks different than it did a few years ago: longer days on market, more room to negotiate, and a buyer pool that's paying closer attention to condition and price than convenience.

If you're trying to figure out what any of this means for your specific street, price point, or timeline, that's where the data stops being generic and starts being useful. Reach out and let's pull the actual comps for your home or your target neighborhood — not just the metro-wide averages.

Steven [Last Name] | Degreeff & Associates | Serving Elk River, Otsego, Zimmerman, Ramsey, Anoka, and the greater north metro