Northeast Minneapolis Market Update

The Median price per square foot is up in Northeast Minneapolis neighborhoods over the last 12 months.  Today, the Waite Park median price is $311,000 or $211 per sq ft, Audubon Park is at $330,000 median price or $225 per square, the Holland neighborhood comes in lower at $289,000 median price and is at $220 per sq ft.  Windom Park has the highest median price at $352,500 or $223 per sq ft.  We have extreme inventory shortages in Northeast Minneapolis as well.  

In each of these neighborhoods there is only a 0.8-1 month supply of months available for sale and at least 14-17 buyers per home for sale.  These northeast Minneapolis neighborhoods did appreciate in value over the last year, but they did not appreciate as much at the Twin Cities Region average, which was 10.9% over the last moths.  Other popular neighborhoods in Minneapolis that have seen higher rates of price appreciation are Kenny, Longfellow, and Central; all saw appreciation rates of 13%, 13.8%, and 10.1% respectively.  So the bottom line is sellers have the upper hand against buyers in NE Minneapolis. If you are buying make sure you do a very thorough inspection so you know exactly what you are buying because you will be facing fierce competition.  If you are selling prepare your house properly to sell because you could be leaving thousands of dollars on the table if you don’t.  I hope this was helpful and give me a call if you need help buying or selling.