Minnesota Real Estate Trends - A New Way to Look at Minnesota Realty
Recent trends in Minnesota real estate indicate that prices have evened out as buyer’s and seller’s negotiate a new understanding of the value of property in the modern economic climate. Between the end of 2011 and April of 2012, the average price for a condo or townhouse in Minnesota went from $168,000 to $172,000. Single family homes, both in and out of the city, averaged a list price of $203,000 at the end of last year and seller’s are now asking an average of $214,000. With approximately 62% of the market share, single family homes and townhouses/condos constitute the foundation of the Minnesota real estate market.
While the seller’s of single family homes and condos/townhouses seem to have agreed upon the correct price point for Minnesota real estate, evidence indicates that buyer’s still expect to get great value for their money. Over the past 5 months, the average sale price of a single family home in Minnesota has been $170,000, 18% below the average list price. In the condominium market, the average sale price is $125,000, almost 27% below the asking prices.
Minnesota Real Estate:
Largest Increase in Listing Price
| City | 3 mo. | |
|---|---|---|
| Pequot Lakes, MN Real Estate | 21.39% | |
| Ely, MN Real Estate | 16.29% | |
| Crosslake, MN Real Estate | 13.85% | |
| Saint Paul, MN Real Estate | 12.98% | |
| Faribault, MN Real Estate | 12.80% |
Minnesota Real Estate:
Largest Decrease in Listing Price
| City | 3 mo. | |
|---|---|---|
| McGregor, MN Real Estate | 14.67% | |
| Merrifield, MN Real Estate | 10.31% | |
| North Mankato, MN Real Estate | 8.08% | |
| Bemidji, MN Real Estate | 7.19% | |
| New Ulm, MN Real Estate | 6.33% |
Most Expensive Minnesota Homes for Sale by City
| City | Median $ | 3 mo. | |
|---|---|---|---|
| Edina, MN Homes for Sale | $919,769 | 4.26% | |
| Eden Prairie, MN Homes for Sale | $568,115 | 0.83% | |
| Minnetonka, MN Homes for Sale | $545,012 | 3.04% | |
| Pequot Lakes, MN Homes for Sale | $528,617 | 21.39% | |
| Prior Lake, MN Homes for Sale | $505,335 | 3.08% |
Least Expensive Minnesota Homes for Sale by City
| City | Median $ | 3 mo. | |
|---|---|---|---|
| Brooklyn Center, MN Homes for Sale | $107,470 | 0.41% | |
| Albert Lea, MN Homes for Sale | $134,954 | 3.77% | |
| Staples, MN Homes for Sale | $137,862 | 3.19% | |
| Austin, MN Homes for Sale | $141,352 | 9.41% | |
| Cloquet, MN Homes for Sale | $143,052 | 0.00% |
Top 5 Minnesota Cities for Families
| City | Homes with Children |
Crime vs. Natl. Avg. |
|---|---|---|
| Savage, MN Local Info | 55.00% | 0.36 |
| Lakeville, MN Local Info | 50.00% | 0.46 |
| Farmington, MN Local Info | 49.00% | 0.34 |
| Lino Lakes, MN Local Info | 49.00% | 0.42 |
| Andover, MN Local Info | 49.00% | 0.50 |
Top 5 Minnesota Cities for Singles
| City | Unmarried | Female to Male |
|---|---|---|
| Minneapolis, MN Local Info | 74.00% | 49% / 51% |
| Mankato, MN Local Info | 71.00% | 50% / 50% |
| Hopkins, MN Local Info | 69.00% | 52% / 48% |
| Bemidji, MN Local Info | 69.00% | 53% / 47% |
| Saint Paul, MN Local Info | 69.00% | 52% / 48% |
Largest Increase in Listing Price Methodology
This chart uses the median listing price of cities with at least 100 active property listings to calculate the largest percentage increase in median listing prices for single family homes over a three month period.
Largest Decrease in Listing Price Methodology
This chart uses the median listing price of cities with at least 100 active property listings to calculate the largest percentage decrease in median listing prices for single family homes over a three month period.
Most Expensive Homes for Sale by City Methodology
This chart uses the median listing price of cities with at least 100 active property listings to retrieve the cities with the five highest median listing prices of single family homes. In addition, the median listing prices are used to calculate the associated increase or decrease in median listing price as a percentage over a three month period.
Least Expensive Homes for Sale by City Methodology
This chart uses the median listing price of cities with at least 100 active property listings to retrieve the cities with the five lowest median listing prices of single family homes. In addition, the median listing prices are used to calculate the associated increase or decrease in median listing price as a percentage over a three month period.
Top 5 Cities for Families Methodology
This chart displays the top five cities with a population of at least 10,000 that have the highest percentage of homes with children and the lowest crime rate. Crime rate is determined by comparing each city's crime rate index against the national crime rate index, which equals 100. A number lower than one indicates less crime than the national average, while a number greater than one indicates more overall crime than the national average.
Top 5 Cities for Singles Methodology
This chart displays the top five cities with a population of at least 10,000 that have the highest percentage of unmarried people. An unmarried person is defined as someone who was never married, is separated, or divorced.