Twin Cities homebuilding declined in November with dips across all areas of the market. Homebuilders pulled permits for 516 single-family homes in November—a 2% drop in activity from last year.
Additionally, builders reported 91 multifamily units under construction, a 48% decline from November 2024. Multifamily activity accounted for just a quarter of all construction activity for the month.
“November’s decline in homebuilding activity reflects the challenges buyers are weighing in today’s market,” said Art Pratt, board chair of Housing First Minnesota. “But the interest in homeownership has not disappeared, and the year ahead may provide the clarity buyers need to step back into the market.”
There were 525 permits issued for a total of 607 housing units during the four comparable weeks in November, according to the Keystone Report.
“A recent report from Housing Affordability Institute reinforces what Minnesotans have long understood: Homeownership delivers lasting benefits for families and communities,” said James Vagle, CEO of Housing First Minnesota. “With homeowner equity rising 37% over the past four years and housing contributing nearly 16% of our nation’s GDP, the value of homeownership is undeniable. Ensuring more Minnesotans can access this stability and opportunity is essential to the long-term health of our communities.”
For the month in permits, Lakeville took the top spot with 50 permits. Corcoran came in second with 48 permits. Shakopee was next highest with 33. Cottage Grove was next with 30 permits. Monticello and Rosemount rounded out the top five with 29 permits each.
For the month in units, Minneapolis came in on top with 75 permitted units. Lakeville came next with 50 units, followed by Cottage Grove with 48 units. Shakopee came fourth-highest with 35 units. Cottage Grove rounded out the top five with 30 units.
Download the full data chart here.