Thursday, June 18, 2015

Exciting Times Ahead For Minneapolis' Housing Market

The city of Minneapolis is no stranger to real estate tumbles.  In late 2010, for instance, the city saw 60 percent of the homes in the market foreclosed.  It took about three years before the housing market started to show signs of recovery.  This year, however, Minneapolis real estate is expected to return to its former glory., in fact, included the city in its list of “10 hottest housing markets for 2015.”  Boosting this rosy outlook are the city’s extremely low unemployment rate, a healthy economy, and relatively affordable homes.  Even its household income of $83,000 (compared to the $64,000 national average) is attracting home buyers, especially young professionals.  In fact, Minneapolis is reported to be the second-largest market in the country for home-owning millennials.


Things are indeed looking up for Minneapolis's housing market.  The most recent data collected by the Minneapolis Area Association of Realtors show new listings growing 23.2 percent in February, the largest year-on-year increase since July 2013.  Pending sales also jumped by 21.8 percent, registering the biggest pending sales figures since February 2005. 

There couldn’t be a better time for the city to execute an impressive housing market turnaround.  As The Atlantic has feverishly declared in this article, there exists “The Miracle of Minneapolis,” a city that mixes home affordability, employment opportunity, and wealth so well.


For the latest news in real estate, follow this Twitter account for Steve Liefschultz,Equity Bank chairman and CEO.