Median Home Prices In North Minneapolis Up 395% Since 2012
Back when I was sanding floors for a living I refinished a lot of hardwood floors on foreclosed homes in North Minneapolis. I worked for a number of investors that were buying dozens of homes for $30,000-$60,000, 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.
Contrast those prices with a home in the Lake Nokomis neighborhood that on average sells 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? Personally, I think 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. A lot of buyers like being close to the airport, crime is also 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.