The median sales price for homes in the Minneapolis area from May 14 to Aug 14 increased slightly over 10% compared to the prior quarter and approximately 7.5% compared to the prior year. The five-year sales prices trend shows appreciation, on average, of 14.1% over the last 5 years in Minneapolis. The median home value in the Minneapolis area is $199,800, an increase of just over 6% from the same time last year. The average sales price per square foot in Minneapolis was roughly $147, an increase of 14% relative to the same period last year.
Average listing prices have increased at a slightly slower pace, but consistently with sales prices and home values trends. Trulia showed an average listing price for Minneapolis homes for sale of $372,846 for the week ending Aug 20, which represents an increase of nearly 5% compared to the prior week and a slightly lower increase when compared to the end of July. Zillow reports the median list price of homes as $217,500. The average list price per square foot is $196.
There are currently slightly fewer than 1,500 homes for sale in the Minneapolis area, with less than 100 of those being multi-family properties for sale.
Median rent rates in the Twin Cities as a whole remains relatively unchanged, at $1,295.
If you are in the market for a new home or the purchase of investment property, or are looking to sell currently held property, keep in mind the value that you can receive by retaining an attorney familiar with real estate transactions. While many people think only of locating legal representation when things go poorly, the best time to obtain representation is prior to entering into any agreement. The cost of legal help greatly increases when attorneys have to repair a broken agreement or do damage control, especially in real property transactions where timing is so important.
Experienced real estate attorneys can help by reviewing proposed offers, purchase agreements, closing documentation, and most anything else. They are also generally seasoned negotiators and, unlike real estate agents/brokers who are only paid upon completion of the transaction, an attorney retained and paid by the hour has no incentive to rush a sale or force you into a property for which you are not truly comfortable or which is not in your best interests. If you hire an attorney at Wilson Law Group, we represent only you and your interests. Real estate attorneys are especially valuable in complex transactions or transactions that do not fit the typical, single-family, open market category.
If you would like to discuss a real property transaction or other property issue, contact Wilson Law Group to schedule a free consultation with a real estate attorney.