Metro homebuilders start spring strong

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Roseville, Minn – Metro homebuilders had another positive month of permitting activity with 405 permits pulled for single-family homes in March, a 37% increase from the same time last year.

Activity in the multifamily construction sector, however, saw a severe decline in overall activity with permits pulled for just 6 units – an 168% decrease compared to this same time last year.

“Minnesota’s spring housing market is off and running as more buyers are ready to buy,” said Art Pratt, 2024 board chair of Housing First Minnesota. “Twin Cities homebuilders continue to rise to the occasion, stepping up their production to meet the needs of eager buyers.”

There were 408 permits issued for a total of 411 units during four comparable weeks in March, according to the Keystone Report.

“While homebuilding continues at a strong pace, affordability and supply challenges remain in our housing market,” said James Vagle, CEO of Housing First Minnesota. “These issues must be addressed by the legislature this session.”

For the month in permits, Woodbury took the top spot with 40 permits issued. Lakeville came in next with 33 permits. Maple Grove was third highest with 28. St, Michael was fourth with 25 permits and Shakopee rounded out the top five with 24.

For the month in units, Woodbury came in on top with 40 permitted units. Lakeville came next with 33 units, followed by Maple Grove with 28 units. St. Michael came in fourth with 25 units. Shakopee rounded out the top five with 24 permitted units.

Download the March 2024 Permits Release