Minneapolis MN Real Estate Housing Trends
Minneapolis MN has been making incredible and top-notch progress since 2016. The rate of employment and work development have risen quicker than any other city in the United States of America. The job market growth is in fact so large that median sales prices of homes went from being $205,000 in 2016 to $248,000 in 2017.
Below is an overview of the real estate housing trends:
Home Sale Price & Rents
According to Trulia, homes in Minneapolis are selling for $226 per square feet, which is 49% higher than last year ($129/sqft). The average rent per month is around $1,600 which is also higher than last year ($1,305 per month). If you are really interested to buy a home in the city of Minneapolis, every moment is the perfect moment cause a moment later, the prices might just go up!
Developing Areas
The best thing about Minneapolis is that no matter where you live in, all the necessities such as grocery, schools, hospitals are within a walkable distance. More than 70 percent of residents of Minneapolis commute by car. Even if you do not own a car, the city also has ample public transportation services. Although the median prices of homes have made a large jump from 2016 to 2017, there are still a lot of low priced homes. If you are a first-time home buyer, investing in this market may be a great decision.
Demographics of Residents
Per Trulia, there are about 48 percent single residents in Minneapolis and about 59 percent of its residents are homeowners. This is a 7% rise from 2016. The median age of residents in the city is 34 years old. 52 percent of the residents are college or university graduates. The average household income also shows a rising trend due to job market expansion and economic growth. This has contributed to the rising household prices.
What can you expect?
According to various real estate market gurus, the average price of homes have increased about 5 percent in 2017. It has been evaluated that by the end of 2017, the prices of homes especially in the Twin Cities will have a 5.5 percent jump compared to that of 2016. This rising trend of property prices is also expected to creep into year 2018. Per National Association of Realtors, it is expected that by the end of 2017, the prices of homes will increase by 2 percent nationally. This indicates the Twin Cities real estate market is doing well.
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