Minneapolis Real Estate Market Outlook
The local economy of Minneapolis and the improving job market has fuelled the growth of the real estate market. The increasing home prices and the appreciation have further improved the real estate investment market. Here are the top 5 trends in Minneapolis real estate market.
Steadily Growing Market
If you are a buyer then it means that the median list price of a property in Minneapolis will only increase making it more costlier and dearer for you to purchase a house later. So this is the time to buy if you are serious about it. If you are a seller and not in a rush to sell then ideally you can hold on to the property for a bit longer to get higher price.
Increasing New Home Construction
There has been an increase in the number of new constructions coming up in the area. This means for buyers of new homes there is more choice and more options available at their discretion.
Renting to College Student
Minneapolis’ real estate has always generated pretty decent rental income. However, there is an increasing number of rentals to college students which is adding a bit more momentum to the rental income.
Rise in Affordable Living
Some of the most in-demand housing markets are the ones that are inexpensive, closer to urban amenities, and offer easy access to shopping and entertainment zones. An increasing number of people are giving up the idea of a luxurious life and choosing an affordable living which is easy to maintain and stress free.
The trend shows that sellers are finding it easy to sell in the Minneapolis market compared to the buyers. By the time a buyer is able to get a tour scheduled for a property it gets off the market!