Posted in: Market insights

Minneapolis housing market continues hot streak

Minneapolis housing market up

Minneapolis has been a bright spot in the U.S. housing market, and a new report shows just how strong Minneapolis homes sales have been recently.

Local prices soar

According to the Minneapolis Association of REALTORS®' annual Twin Cities Housing Market report, median home prices increased 11.9 percent in 2012 on a year-over-year comparison.The association expects that Minneapolis will continue to see gains in housing, falling in line with predictions of the U.S. housing market as a whole.

Minneapolis among leaders in price gains nationwide

The latest Standard & Poor's/Case-Shiller 20-city home index showed that home prices increased 3.6 percent across the board during the third quarter of 2012 on a year-over-year comparison. Of the 20 cities surveyed, 17 saw year-over-year gains.

This report showed that Minneapolis was among the leaders in home price gains, as home prices in Minneapolis increased 5.5 percent in November on a year-over-year comparison - the largest gain in six years years.

If you are looking to buy a home in Minneapolis, now is the time, as prices are expected to go up. To begin looking for a home for sale in Minneapolis, contact an Edina Realty Minneapolis real estate expert.

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Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings