Median Home Prices In North Minneapolis Up 395% Since 2012
Back when I was sanding floors I did a lot of work on foreclosures in North Minneapolis. I worked for a number of investors that were buying dozens of homes for 30-60k, remodeling them and renting them out. This was in 2008-2012 era when the real estate market collapse. The median price for a home in the Camden neighborhood went from $160,000 in February 2007 to $48,000 in February 2012. The median price for that same area today is $190,000. I have one parcel of land in North Minneapolis. I paid $15,000 and I can build up to a fourplex on the parcel. I remember when you could buy parcels for $1,000 though. So maybe I didn't get that great of a deal.
Contrast those prices with a home in the Lake Nokomis neighborhood that on average sales for around $285,000. The difference in mortgage payment between 190k and 285k is about $600-$800 a month if you include the extra cost of property taxes and insurance. So where is the better place to buy right now? To me Lake Nokomis is worth the extra money if you can get a good property in a good location. Being close to the lakes and the other shopping areas is in high demand and North Minneapolis doesn't have any lakes. There aren't a lot of areas to shop either in North, and it's farer away from the airport, which a lot of people like being close to, and crime is a little higher in Camden. So right now I like South Minneapolis in general, but I wouldn't rule out North if it was a good deal.