The Homebuying Market in Minneapolis
Despite recent concerns in the housing market sound opportunites are still available for qualified homebuyers. With new FHA guidelines qualifications have never been easier! Although there can be substantial variation even within neighborhoods, housing affordability is improving in the Minneapolis metrolpolitan area.
HOME PRICES IN THE MINNEAPOLIS AREA
Minneapolis home prices have averaged a 5.2% annual rate of increase over the past 21 years. The average home price in Minneapolis declined 2.6% in 2007, the first decline in at least the last twenty one years. During that time, price increases have ranged from .7% increase in 1990 to 13.6% in 2001. Overall since 1979, Minneapolis home prices have grown 264% The owner of a typical median priced home in 1997 would have seen a value of the property increase from 118,200 then to 226,200 today. That 108,000 gain over the past ten years means that rising home prices added an average of $900 per month to the homeowner's net worth.
Low mortgage rates, affordable housing, and a rising inventory of homes for sale may make this a good time to buy for financially qualified buyers.
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