Minneapolis Real Estate and Minneapolis Homes for Sale Experts
Welcome to your guide to anything and everything related to the Minneapolis real estate market. Looking for property listings, foreclosures, MN short sales, sold MLS listings or information on Minneapolis open houses? Are you considering relocating to the Minneapolis area? As the #1 Real Estate Team in Minnesota, The Minnesota Real Estate Team of RE/MAX Advantage Plus is here to help you with all of your Minneapolis real estate needs. What are the current real estate market conditions? Here in 2014, we are seeing very much of a sellerís market. With only 12,000 plus homes for sale on the MLS here in the Twin Cities, buyers are often competing against multiple offers on the various Minneapolis properties. This is creating a window of opportunity for sellers to be able to sell their homes more quickly and for increased prices compared to recent years.
Minneapolis Home Values and MLS Listings
Currently in 2014, the median sales price in the city of Minneapolis (numbers through January 2014) has increased 15.3% year over year. In Minneapolis, the median sales price is $173,500 and the average sales price is $236,786 (this is a 23.5% year over year increase.) This is certainly welcome news for our Minneapolis market with prices previously having decreased significantly over the last few years.
Minneapolis Lofts and Condos Guide
Minneapolis lofts and condos have undergone massive growth in the past ten years. Recent economic problems over this time period, coupled with overbuilding have increased inventories and reduced prices. In the past year or so, the market however is starting to turn as buyers are finding interest rates at historical lows and prices lower. Traditional lofts remain a little bit more expensive, as there are only so many older, historic buildings in downtown Minneapolis that can be renovated and converted into lofts. However, soft lofts and new downtown condominium projects are bringing more affordable housing to the downtown area. Our team has published a very comprehensive guide to Minneapolis Lofts and Minneapolis Condos - please check it out and let us know if you would like more information on any of these projects.
Minneapolis MN Foreclosures and Short Sales
The Minnesota real estate market is currently seeing a smaller number of bank owned listings for sale. There are definitely less REO MLS listings for sale now in Minneapolis (than compared to this exact same time in 2013.) The primary reason for this: our team and the overall market is finding more and more lenders working with sellers/borrowers to help them facilitate short sales in Minnesota. What was nearly an impossibility to get closed previously, we are now finding a larger number of short sales in Minneapolis and across the state actually close. Another reason of course, with the overall economy on the upswing, there have been continued less foreclosures as well. For those looking for MN MLS listings that are either short sale or foreclosures, you can search Minneapolis foreclosures here.
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Minneapolis Weather, the Schools and Median Household IncomeThe school system in Minneapolis is one that consistently has received positive reviews over the years. As your real estate professional, we are here to provide you with any and all information on the various school districts and school available for your children and family (number of students per school, the parent/teacher ratio for that school, etc.) The median household income in Minneapolis is $43,865, compared to $50,935 for the entire US. Unemployment is lower at the 5% level, compared to the 8% plus level nationally. The Twin Cities area as a whole does feature a number of top corporations as well (Target, Best Buy, Medtronic, United Health, General Mills, etc.)
Are you looking to relocate to this area and wondering what type of weather to expect? For those who have lived in Minneapolis, MN their entire lives, we know the weather here can be unpredictable. The average low temperature in January is 7 degrees. And the average high temperature is 24 degrees. During the month of January, the average precipitation is 0.90 inches (usually of snow.) For comparison sake, August finds an average high temperature of 81 degrees, and an average low temperature of 62 degrees. Precipitation in this month is on average, 4.3 inches of rain. Minneapolis residents certainly do experience four distinct seasons. According to Sperlingís Best Places, Minneapolis has 198 days per year with some sun. And 101 days with some precipitation.
All agents on our team are licensed Realtors in the State of Minnesota. Agents on The Minnesota Real Estate Team are licensed Realtors with RE/MAX Advantage Plus. This website is not a multiple listing service, but each Minnesota & Minneapolis real estate agent is a member of the Regional MLS of MN, inc., a provider of the Minnesota MLS.