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Get smarter, faster about what’s happening in your backyard with local reporters Nick Halter, Audrey Kennedy and Torey Van Oot.

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A guide to fun things to do in Twin Cities this weekend.

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Data: Redfin; Chart: Alice Feng and Tory Lysik/Axios Visuals

2023 was "the year your first home accidentally became your forever home," according to Twin Cities real estate agent Jake Hlebain.

Why it matters: The year's record-low housing affordability might not be drawing to an end.

The big picture: Those who could afford to buy "had to bring more money to the table to make their payments comfortable," Jamar Hardy, Minneapolis Area Realtors president-elect, tells Axios.

Zoom out: U.S. home sales have cratered as many owners clamp down on their lower mortgage rates.

"If there's nothing out there for me to buy, why would I sell? We are all kind of stuck in that paradigm right now," chief economist Matthew Gardner at Windermere Real Estate said at a November conference.

Zoom in: Prices increased slightly in the Twin Cities in 2023.

The number of metro-area listings available to buy dropped from around 17,450 to 12,550 between October 2019 and October 2023, per the latest Redfin data.

The other side: Sellers were stressed about homes sitting on the market longer, Hardy says.

Between the lines: It's not all bad news. Twin Cities shoppers can find some deals this winter on new construction and townhomes.

Also, a new state law creating a down payment assistance fund for first-generation homebuyers could help level the playing field, Hardy says.

The bottom line: Mortgage rates would need to slide significantly to loosen homeowners' golden handcuffs and boost listing activity, real estate experts say.

👷‍♀️ Shoppers' appetite for new construction has grown as fewer homeowners want to sell.

🏗  Minneapolis' apartment boom has landlords racing to offer rent concessions and other deals.

⚾️ About those new builds: Living in the much-hyped pads overlooking Target Field won't come cheap.

💰 Rents are growing slower here than other big metros, but they're still eating into young people's incomes.

For some Twin Cities millennials, the only way to buy a house is with family money.

🏢 Minneapolis Mayor Jacob Frey backs office-to-apartment conversions, a trend that's gained traction in Minneapolis and St. Paul.

Go deeper: Twin Cities homeowners' advice for aspiring buyers

How Twin Cities homebuyers and sellers fared in 2023

2023 was "the year your first home accidentally became your forever home," one agent says.

Real estate

2023 was &quot;the year your first home accidentally became your forever home,&quot; according to Twin Cities real estate agent Jake Hlebain.Why it matters: The year&#x27;s record-low <a class="gtmContentClick" data-vars-link-text="housing affordability" data-vars-click-url="https://www.axios.com/2023/10/18/housing-affordability" data-vars-content-id="0fa3e153-cd6c-44d7-81fc-98c75263326f" data-vars-headline="How Twin Cities homebuyers and sellers fared in 2023" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/10/18/housing-affordability" target="_self">housing affordability</a> might not be drawing to an end.

Real Estate

Axios Twin Cities, anchored by Torey Van Oot, Nick Halter and Audrey Kennedy, is here to help readers get smarter, faster on the most consequential news and developments unfolding in their own backyard

It was a bad year to be a buyer, but the tail end of 2023 might offer some bright spots for Twin Cities house hunters.

Why it matters: Home shoppers are desperate for even a little more buying power.

There's less competition among buyers now — thanks to still-high mortgage rates and the typical holiday season demand dip — which leaves room to find better deals.

The big picture: Buyers are also starting to accept that rates probably won't fall back to pandemic levels anytime soon, Jerry Moscowitz, Minneapolis Area Realtors president, tells Axios.

Sales activity is expected to pick up as some of the steeper, near-8% rates trend down: "But, it still affects how much you can buy," Moscowitz says.

Zoom in: New construction can offer deals and continues to draw interest across the Twin Cities metro. Pending sales for new homes rose 31.6% in October compared to a year ago, while previously owned properties fell 8.8%, per the latest MAR data.

Signed purchase agreements for townhomes, typically a more affordable option, are also up, the metro-wide data shows.

Between the lines: House hunters might find deals beyond the list price. More than one in three U.S. sellers gave concessions to buyers August-October 2023, according to a new Redfin report.

What's happening: Most sellers — sitting on record-low mortgage rates — are only moving if they have to. Desperate to close the deal, they might throw in cash for repairs, closing costs or mortgage rate buydowns.

Sellers might pay cash toward a temporary lower mortgage rate for the buyer, instead of reducing the asking price, mortgage lender Donny Kirby tells Axios.

It helps make "the payment palatable in the first couple of years," and most buyers are betting they can refinance later, he says.

Data: Freddie Mac fixed-rate mortgage calculator; Note: 30-year fixed-rate mortgage; Chart: Axios Visuals

What we're watching: After peaking above 8%, mortgage rates have fallen closer to 7% over the last month.

A one percentage point drop in mortgage rates doesn't have a huge impact on a new homebuyer's monthly payment. But even a slight dip was enough to get some buyers off the sidelines.

State of play: A $400,000 home costs nearly $1,000 more per month than it did two years ago — in principal and interest alone.

Go deeper: How to interpret mortgage rates you see in headlines

How Twin Cities homebuyers can score deals this winter

New construction can offer deals and continues to draw interest across the metro area.

Illustration of a house wrapped with a bow.

It was a bad year to be a buyer, but the tail end of 2023 might offer some bright spots for Twin Cities house hunters.Why it matters: <a class="gtmContentClick" data-vars-link-text="Home shoppers" data-vars-click-url="https://www.axios.com/local/twin-cities/2023/10/30/house-cost-mortgage-income-earning-afford-minnesota" data-vars-content-id="126b3ec5-a654-4cfc-b535-baa9f34a177a" data-vars-headline="How Twin Cities homebuyers can score deals this winter" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2023/10/30/house-cost-mortgage-income-earning-afford-minnesota" target="_self">Home shoppers</a> are desperate for even a little more buying power.<ul><li>There&#x27;s less competition among buyers now — thanks to still-high <a class="gtmContentClick" data-vars-link-text="mortgage rates" data-vars-click-url="https://www.axios.com/2023/10/07/us-mortgage-rates-housing-market" data-vars-content-id="126b3ec5-a654-4cfc-b535-baa9f34a177a" data-vars-headline="How Twin Cities homebuyers can score deals this winter" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/10/07/us-mortgage-rates-housing-market" target="_self">mortgage rates</a> and the typical holiday season demand dip — which leaves room to find better deals.</li></ul>

a goldendoodle sitting in a blue bedroom full of toys

Artie's room. Photo: Courtesy of Britta Diem

Willmar goldendoodle Artie has a "dood cave" stocked with toys, family photos, a ball pit and a tunnel.

Why it matters: Artie's dog mom is part of a cohort of pet owners who are increasingly eager to cater their home to pups, cats and other companion animals.

Driving the news: Searches for "pet bedroom" on Pinterest rose 132% from October 2022 to October 2023.

There was also a surge in searches for other pet-friendly designs, including dog shower utility rooms and DIY cat patios, according to data the platform shared with Axios.

What they're saying: "I had an extra room to spare, and with long winters, I thought it would be fun to create a space for Artie and us all to play," Artie's owner Britta Diem says.

Zoom in: Retiring Minneapolis City Council Member Lisa Goodman hired a contractor to build a dog wash in her basement.

A removable faucet and stairs leading up to the bathing area are key so she doesn't have to pick up Milli, her 50-pound English sheepdog poodle mix.

"If I use it extensively, it would pay for itself over time, because I had been going to places where I washed my dog myself, in addition to grooming, several times a year," Goodman tells Axios.

custom dog closet storage area with built-in crates

Chase and Sunny's space. Photo: Courtesy of Tim Olsen

Woodbury homeowner Tim Olsen had a closet company install a custom nook for pups Chase and Sunny. The toe-kick drawer slides out to reveal the dogs' bowls, and the others are loaded with shampoo, leashes, treats and more supplies, he says.

Such spaces can also be therapeutic. Ralph Bernstein's rescue dog, Helen, is blind and "can be dog-aggressive, which means that she can't share living space with our other two dogs," he says.

When they moved into a new house, the Bernsteins set aside a lower-level bedroom for Helen, featuring a dog door out to the patio and a dedicated music player for the jazz-loving pup.

Data: National Association of Realtors; Chart: Axios Visuals

The latest: Nearly one in five recent homebuyers say they factored in proximity to parks and the vet when picking a neighborhood, according to a new report.

Unmarried couples were the most influenced by their pet's needs when buying a home, per the report by the National Association of Realtors.

The bottom line: A growing share of consumers view pets as family members, Jeremy Canade, co-founder and CEO of pet product company Fable, tells Axios.

Pet lovers "are looking for the same things they look for in their own products: quality, function and sustainability," Canade says.

Go deeper: Dine out with your dog at these three Twin Cities restaurants

"Dood cave," music rooms: Twin Cities pets live in pampered homes

A retiring Minneapolis council member hired a contractor to build a dog wash in her basement.

a goldendoodle sits in a blue room full of toys

<figure><img alt="a goldendoodle sitting in a blue bedroom full of toys" height="2000" id="1772492c-dc26-4d57-a47f-1412fc487623" src="https://images.axios.com/BY2xbOTnxRjZ9xWl3PUqgG7VGzc=/2023/11/14/1699991967489.jpg" width="1501"/><figcaption>Artie&#x27;s room. Photo: Courtesy of Britta Diem</figcaption></figure>Willmar goldendoodle Artie has a &quot;dood cave&quot; stocked with toys, family photos, a ball pit and a tunnel.Why it matters: Artie&#x27;s dog mom is part of a cohort of <a class="gtmContentClick" data-vars-link-text="pet owners" data-vars-click-url="https://www.axios.com/local/twin-cities/2023/01/03/popular-dog-cat-names-adoption-twin-cities" data-vars-content-id="279ecf34-039e-489c-bdde-6ad4003c8b63" data-vars-headline="&quot;Dood cave,&quot; music rooms: Twin Cities pets live in pampered homes" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2023/01/03/popular-dog-cat-names-adoption-twin-cities" target="_self">pet owners</a> who are increasingly eager to cater their home to pups, cats and other companion animals.

This modern Tudor in Bryn Mawr caught our attention with its sleek updates and sloping roof.

Listed for $476,000, it's located at 1115 Xerxes Ave. S., near Cedar Lake and Theodore Wirth Park.

Why we love it: Muted blues and greens on both the exterior and interior complement the home's woodwork and curved edges.

Layout: The 1,286-square-foot house has two bedrooms, two bathrooms, and a large unfinished space upstairs.

Interior features: Hardwood floors, renovated kitchen, and main floor bathroom, newer washer and dryer in the basement.

Other highlights: Three-season porch, attached garage parking, newer roof and paint job.

Photo: Jared Martin, courtesy of Noel Krueger with Edina Realty, Inc.

another view of sage green kitchen cabinets

renovated bathroom with warm wood cabinetry

Modern Tudor in Bryn Mawr asks $476K

Muted blues and greens on both the exterior and interior complement the home's woodwork and curved edges.

blue-grey modern tudor house with brick accent

This modern Tudor in Bryn Mawr caught our attention with its sleek updates and sloping roof.<ul><li>Listed for $476,000, it&#x27;s located at <a class="gtmContentClick" data-vars-link-text="1115 Xerxes Ave. S." data-vars-click-url="https://www.edinarealty.com/noel-krueger-realtor/homes-for-sale/1115-xerxes-avenue-s-minneapolis-mn-55405-6428291" data-vars-content-id="3e59b673-bb76-4c49-aa11-1361f547e812" data-vars-headline="Modern Tudor in Bryn Mawr asks $476K" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.edinarealty.com/noel-krueger-realtor/homes-for-sale/1115-xerxes-avenue-s-minneapolis-mn-55405-6428291" target="_blank">1115 Xerxes Ave. S.</a>, near Cedar Lake and Theodore Wirth Park.</li></ul>Why we love it: Muted blues and greens on both the exterior and interior complement the home&#x27;s woodwork and curved edges.

HGTV's Jasmine Roth sets a festive table. Photo: Courtesy of Mike Radford/Michael Radford Photography

'Tis the season for more people to crowd into your home.

Which means you'll be cooking or ordering more meals.

Why it matters: Planning is one big way to soothe the added stress of the holiday season. (Sorry, procrastinators.)

Here are some hosting tips from Axios Twin Cities readers.

A casual brunch bar offers "precious time together," says Nancy Lindgren.

Lindgren — whose kids spend Thanksgiving dinner with in-laws — says guests still get hungry again for turkey dinner late in the day.

Invite people over to help prep food the day before, suggest Mark and Laura Daly.

The Dalys, who've hosted extended-family Thanksgiving dinners for more than 30 years, say: "The preparation is nearly as much fun as the actual holiday, and it allows us to enjoy each other's company, instead of running around the kitchen all day like a turkey with its head cut off."

More tips, from a pro: HGTV designer Jasmine Roth is no stranger to a themed tablescape, so we asked her how to be a host extraordinaire.

🛏 Be a guest in your own home. If you have a guest room, stay in it for a night before everyone arrives. You might realize you need a phone charger, hooks for towels or a warmer blanket.

📱 Include guests in the plans. Fire up the group chat sooner rather than later to coordinate schedules. Closer to the event, share menu ideas and start a shared grocery list. Guests can add snack requests, or volunteer to take charge of one meal if they're staying an extended period of time.

🌲 Decorate with foliage. You can forage branches from your yard and lay them across the table for a trendy, fuss-free tablescape. Then add cloth napkins and taper candles.

⏲ Cook ahead of time. Pick menu items like make-ahead taquitos or a hearty soup that can easily be warmed in the oven or thrown on the grill so you can enjoy your party. Pre-make a signature cocktail and an easy appetizer that you can set out right before guests arrive.

🖍 Have a kids' activity. You can set up a coloring station at the kids' table, or hand each little one a goody bag. Parents will be relieved, and the kids will be entertained.

🥡 Make to-go boxes. Get some themed Tupperware and pack up leftovers for guests to take home.

Citrus-themed holiday design by Martha O'Hara Interiors. Photo: Troy Thies Photography

Between the lines: We also asked Kate O'Hara of Minneapolis-based Martha O'Hara Interiors how she prepares for guests. Here's what the firm's CEO tells Axios.

🎨 Choose a theme. It can help you stay focused on a particular color and style for the year, guiding what you pull out from storage or buy.

🧹 Take something away for everything you add. If you're styling your bookshelves, mantel or even adding sofa pillows, the space shouldn't feel more cluttered. It should have as many elements as when you began.

🎊 Lay a custom rug or runner in your entryway or kitchen. These can be one more way to change the mood of a space and bring the holidays to life.

How to host an HGTV-worthy holiday gathering in the Twin Cities

We asked HGTV's Jasmine Roth and a local pro how to be a host extraordinaire.

<figure><img alt="a woman sets a festive dinner table" height="7360" id="5c947ccb-857c-4ab1-8fa0-4b1fc4d5c0f7" src="https://images.axios.com/pptwRIjiRKA38QWL5ck_eGn9loo=/2023/11/01/1698859290363.jpg" width="4912"/><figcaption>HGTV&#x27;s Jasmine Roth sets a festive table. Photo: Courtesy of Mike Radford/Michael Radford Photography</figcaption></figure>&#x27;Tis the season for more people to crowd into your home.<ul><li>Which means you&#x27;ll be cooking or <a class="gtmContentClick" data-vars-link-text="ordering" data-vars-click-url="https://www.axios.com/local/twin-cities/2022/11/03/twin-cities-thanksgiving-meal-takeout-2022" data-vars-content-id="89e25af0-f570-4d1e-bda9-cfd02346f94e" data-vars-headline="How to host an HGTV-worthy holiday gathering in the Twin Cities" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/twin-cities/2022/11/03/twin-cities-thanksgiving-meal-takeout-2022" target="_self">ordering</a> more meals.</li></ul>Why it matters: <a class="gtmContentClick" data-vars-link-text="Planning" data-vars-click-url="https://health.gov/myhealthfinder/health-conditions/heart-health/manage-stress" data-vars-content-id="89e25af0-f570-4d1e-bda9-cfd02346f94e" data-vars-headline="How to host an HGTV-worthy holiday gathering in the Twin Cities" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://health.gov/myhealthfinder/health-conditions/heart-health/manage-stress" target="_blank">Planning</a> is one big way to soothe the <a class="gtmContentClick" data-vars-link-text="added stress" data-vars-click-url="https://www.axios.com/2023/06/21/how-to-relieve-stress-hug-kiss" data-vars-content-id="89e25af0-f570-4d1e-bda9-cfd02346f94e" data-vars-headline="How to host an HGTV-worthy holiday gathering in the Twin Cities" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/06/21/how-to-relieve-stress-hug-kiss" target="_self">added stress</a> of the holiday season. (Sorry, procrastinators.)

Sami Sparber

Featured stories

How Twin Cities homebuyers and sellers fared in 2023

How Twin Cities homebuyers can score deals this winter

"Dood cave," music rooms: Twin Cities pets live in pampered homes

How to host an HGTV-worthy holiday gathering in the Twin Cities

Modern Tudor in Bryn Mawr asks $476K