High mortgage rates and increases in monthly homeowners association (HOAs) fees are contributing to a slowdown in condo sales in the Twin Cities metro, particularly for entry-level buyers. The only segment of the real estate market evenly balanced between buyers and sellers in the metro is condo listings, which are now more than two times longer than the supply of single-family houses. The median HOA fee in 2025 was $278, accounting for about 13% of a typical house payment in the Minneapolis area, more than double the national average. Joel Berner, senior economist at Realtor.com, said that rising insurance costs, stricter building safety standards and higher labor and material prices are leading to a softness in the condo market. An aging housing stock and harsh weather are partly responsible for higher HOA costs.