Minneapolis mn real estate
Minneapolis is the county seat of Hennepin County and the largest city in Minnesota State with a population of nearly 370,000. Close to the state capital of Saint Paul, the two cities form a twin-city complex with a combined population of over 3,200,000. The Mississippi River flows through Minneapolis. It is called the City of Lakes because of the numerous water bodies. Mni is water in Dakota polis Greek for city. It was also called flour city when the area had numerous flour mills.
Timber was another important industry. At present it is a thriving hub of commercial activity. It is the most literate city in the U. S. A. and is renowned for the many flourishing cultural, social and philanthropic organizations. Minneapolis is serviced by Interstate Highways 35 W and 94. The former is being rebuilt after a section collapsed in August 2007. The freeways led to an exodus of residents to less cluttered suburbs. There was also opposition to new freeways coming up in the area for fears of destruction of green space. A light-rail mass rapid transit system is being developed. Minneapolis Real Estate Trends
Approximate figures are 3,859 units listed at an average of about $205,000 registering an increase of 0.2%. Of these 145 were new homes. There were about 1,570 real estate advertisements at an average of nearly $245,000. The number of foreclosures was about 2400 at an average rate of around $180,000.
Current mortgage rates in Minneapolis are as follows: 1) 5.792% for 15 year fixed category, up 0.185 % 2) 6.131% for 30 year fixed category, up 0.132% 3) 5.320% for 1 year adjustable rate mortgage, up 0.628% 4) 5.358% for 3/1 year adjustable rate mortgage, up 0.558% and 5) 5.433% for 5/1 year adjustable rate mortgage, up 0.397%.
Listing prices for homes in Minneapolis are slightly positive, at an average rate of about $200,000 to $430,000. Average rates and weekly variations for different units are approximately $200,000 for one bedroom down 0.5%, $275,000 for two bedrooms up 0.4%, $315,000 for three bedrooms up nearly 1%, and $430,000 for four bedrooms up 0.3 %. Average for all types is $325,000 up nearly 2%.
The number of units sold in Minneapolis has dropped from 1,373 this time last year and now stands at 970. Average sales prices and change over the year were approximately $150,000 for one bed up nearly 6%, $165,000 for 2 bed down over 10%, $190,000 for 3 beds down nearly 15%, $200,000 for 4 bed down almost 35%. Real estate trends were down with the average for all units about $210,000 down nearly 13%.
The average rate per square foot and weekly variations are $204 for one bed up over 10%, $170 for 2 bed down nearly 5%, $145 for 3 bed down about 13%, and $105 for 4 bed down more than 32%. Average square foot rate for all types is $140 down over 10 %.
Conclusion
Investors need to be cautious and patient.
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