The Unique Minneapolis Housing Market
Minneapolis has become the first large city in the U.S to end single-family zoning and allow conversion into multi-family properties. While we haven't seen significant impacts on pricing due to this, it does make the city of Minneapolis a unique housing market.
Minneapolis is the leading business center between Chicago and Seattle and is home to diversifying the economy of commerce, finance, transportation, healthcare, and technology. It has received consistently high rankings as a great city to live, work, and play in. It is home to one of the largest retailers in the world, Target, as well as Best Buy, General Mills, Cargill, US Bank, and other large companies in neighboring cities.
As we already know, the pandemic has affected significant industries globally. However, now that it is hopefully in the rear-view mirror, the world is trying to build its economy again. Every industry plays a role for its country to give a boom in the economy. And same is the case with the real estate industry.
So, let us discuss the current housing market scenario in Minneapolis.
Current Market Conditions in Minneapolis
According to the Minneapolis/St. Paul Business Journal, homes sell faster for higher prices than ever before. Minneapolis Area Realtors Association's data shows that the economy is improving, unemployment is falling, and housing prices are rising. The median sale price of a home rose 9.5% compared to last year.
Some of the other key market stats are given below.
Over the past five years, home values have increased by more than 40%.
The median listing price for a single-family home is $340,400, based on the most recent research from realtor.com.
The median listing price per square foot of a home is $212
Days on the market is 46.
The sale to list price ratio is 100%. It means that the home is selling for the asking price on average.