Published October 15, 2026 in Market Update

More homes are hitting the market in the south metro

By Austin Eaton | The Eaton Group

Real estate, Primary market

The biggest shift in the south metro right now is supply. The Real Estate Data Aggregator counted 1,045 homes for sale across the primary market in the three months ending August 31, 2026. That is up 23.4% from the same months of 2025. Nationwide, Realtor.com reported active listings up 6.7% from a year ago. Our market is adding inventory at more than three times that pace.

More supply is good news for buyers. You have more to look at and a little more room to think. For sellers, it means buyers have more to compare your home against. Pricing and condition matter more now than they did a year ago.

New listings are up too, not just leftover inventory

The Real Estate Data Aggregator counted 1,519 new listings across the primary market in the three months ending August 31, 2026. That is up 13.9% from a year ago. Sellers who sat out the past couple of years are starting to move.

Sales are keeping up. The Real Estate Data Aggregator counted 1,284 homes sold across the primary market in those same three months, up 13% from a year ago. Buyers are out there. The market is not stalling. It is just more balanced than it was.

Rates are high, and that shapes everything

Freddie Mac put the average 30-year fixed rate at 7.40% as of October 8, 2026. The 15-year averaged 6.73% that same week. Those numbers affect what buyers can afford and how long sellers can expect to wait. High rates slow things down a little. They do not stop the market.

How each ZIP code is reading right now

The south metro is not one market. Each ZIP code is doing something a little different. Here is what the Real Estate Data Aggregator counted for the three months ending August 31, 2026.

A few things worth pointing out

ZIP 55124 in Apple Valley saw homes for sale jump 67.3% from a year ago, the biggest inventory gain in the primary market. That is a real shift for buyers shopping there. ZIP 55122, also in Apple Valley, went the other direction. Inventory there fell 13.2%, and nearly half of all homes sold above list price. The Real Estate Data Aggregator put that share at 47.7%, up 11.6 points from a year ago.

ZIP 55044, which covers much of Lakeville, had the highest median sale price at $539,450, up 1.8% from a year ago. It also had the most new listings of any single ZIP: 399, up 17%. More supply there means buyers have real options, and sellers need to be priced right.

Homes in ZIP 55068, covering Rosemount, took a median of 35 days to sell, the longest of any ZIP in the primary market. The median sale price there dipped 4.7% from a year ago to $429,000. More homes for sale and a longer wait is a combination sellers there need to take seriously when picking a price.

What about the bigger picture

The National Association of Realtors reported that existing-home sales nationally reached 3.99 million units in September 2026, with prices up 1.3% from a year ago. National inventory rose to 1.60 million homes. Our market is moving faster than most of those national numbers suggest.

CNBC reported that pending sales nationally were down 8.5% year over year in September, citing Zillow data. The south metro is not seeing that. The Real Estate Data Aggregator counted pending sales up 9% across the primary market for the three months ending August 31, 2026. Local demand is holding.

What this means if you are selling

More inventory means buyers are comparing more homes before they decide. The homes that are selling quickly are priced right and show well. The Real Estate Data Aggregator shows that across the primary market, homes are still selling close to list price. But the share selling above list is slipping in most ZIPs. That tells you buyers are more patient than they were.

What this means if you are buying

You have more choices right now than buyers did a year ago. Homes are sitting a little longer in most ZIPs. That gives you time to think. It does not mean every home is a deal, and the well-priced ones are still moving fast. ZIP 55337 and ZIP 55122 both had nearly half of all homes go under contract within two weeks. The Real Estate Data Aggregator put those shares at 46.8% and 49%.

One more thing worth saying: these ZIP code numbers cover a lot of ground. What is happening on one street can read very differently from the ZIP as a whole. Price point, condition and location within a ZIP all matter. If you want to know what the numbers look like for your specific home or neighborhood, just reach out.