Home prices in the Minneapolis Lakes Area have fallen 9% since the Housing Market Peak of 2006 and have appreciated 4% since 2002 to 2011.
The month of January put the Minneapolis Lakes Area in to a very strong buyers market with an absorption rate of 10.33 Months of Inventory and is trending in a Balanced Market at 7.4 Months of Inventory. The Median Sale Price on the other hand have been trending fairly flat for the last six months at about $280-$285 thousand.
Homes under $400,000 are currently in a Seller’s Market as of the date of this post with the exception of the 100-125 thousand dollar price range. Although, this could be an anomaly due to various data points.
Homes above $500,000 have more than a years worth of inventory. You can also see a breakdown in the charts below for homes above $500,000.
About Eric Hempler
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