Property for sale in Minnesota
Minnesota is the 32nd federated state of the United States of America, and it has a population of 4,919,479 inhabitants. The capital is Saint Paul, but the most populous city is Minneapolis; other relevant centres are Duluth, Rochester and Bloomington.
Minnesota is known for its lakes, its cold climate and its "Midwestern Minnesota Nice".
Known as the land of the Ten Thousand Lakes, Minnesota is the country's most populous state, and it is often cited as one of the healthiest states in America so a very agreeable place where looking for property for sale in Minnesota.
But the question is on the Minnesota real estate market that in 2018 is vigorous.
If you want to buy a property for sale in Minnesota you have to know that closed sales are down 6% from last year, with sales down 4%.
There is a price improvement compared to last year. Minnesota homes also continued to appreciate in value, but at a slightly lower rate than the national average. The average property for sale price in Minnesota has increased by 8.2% in the last year, and it is expected that the value will increase by 4.9% within the next year.
Factors that influence the Minnesota property market in 2018 are different.
Inventory remains the biggest factor for the Minnesota real estate market. From December 2016 to December 2017, the inventory fell 27.5%, resulting in the lowest for the Minnesota property market since 2004.
It is certainly the right market for a seller who has property for sale in Minnesota. The offer remains low as demand remains high, helping to increase house prices.
This means that not only the housing offer will be important to observe in 2018, but also the price ranges available.
Experts predict that rates will reach 5% by the end of the year, which will affect what buyers can afford. This could lead to a decrease in the average selling price, but experts are not worried since they are still below the mortgage rates of 8% of the recent recession.
The best places to live and where to look for properties for sale in Minnesota are different.
Almost 60% of Minnesota live in the metropolitan area of Twin Cities. This consists of Minneapolis, the most populous city in Minnesota, the capital of St. Paul, and the surrounding periphery.
Both St. Paul and Minneapolis are highly liveable cities with affordable average selling prices that continue to increase more and more.
Forbes magazine also in recent times voted Minneapolis as the healthiest city in America so it is very good to search a property for sale in Minnesota.
The Twin Cities metropolitan area is the thirteenth largest metropolitan area in the country. In addition, there are 17 cities in Minnesota with populations of over 50,000. The southern suburbs of the Twin Cities, such as Lakeville, benefit from high-performance schools, a steady and increasingly rising housing market.
The Minnesota real estate market for 2018 is set to continue the steady growth of average sales prices, but will have to combat the decline in stocks and foreclosures that happen above the national level. Sellers can enjoy the abundance of demand and the scarcity of supply.
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