Movoto Minnesota (2024)

FAQs

Are housing prices going down in Minnesota? ›

Minnesota homeowners are seeing their homes appreciate in value. The median sales price has climbed over 4.5% compared to April 2023. In April 2023, the median sales price was $335,000, and it has risen to $350,000 in April 2024.

Movoto is a legitimate platform for home buyers, sellers, and real estate agents. Consumers can search for home listings and find expert local real estate agents from the Movoto Select Network. Movoto Select Network agents are in the top 5% of their local market and have at least three years of full-time experience.

Since last year, Minneapolis has remained a Seller's Market. Minneapolis is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

But how does Minnesota compare? According to the study, Minnesotans currently need an annual income of $91,886 to afford a median-priced home of $323,900 and an average mortgage payment of $2,144. Compare that to January 2020, when the annual income needed to buy a median-priced home in Minnesota was $67,890.

How much has average rent changed in Minneapolis, MN? In the past year, rent has increased by 0.9%, which averages out to $13 more per month. Market Trends Over Time.

Minnesota is now staring at a housing deficit of 106,000 units, three-quarters of which fall within the greater Twin Cities metro area. For years, legislators and community leaders have spoken about the need for more affordable housing, workforce housing, senior housing and starter homes.

Important: If you find a fraudulent listing on Zillow, please report it by clicking “Report Listing” and selecting “Listing seems to be fraudulent or illegal.” on the listing page in question.

Most fraudulent listings that are found on Trulia are received via data feed. This means that the scammer has submitted to a third party site that, in turn, submits the listing information to multiple other sites.

Best Time to Sell Your House for a Higher Price

June, July, and August are the best months to sell your house in Minnesota. The median sale price of houses in August 2023 was $352,000, which is expected to rise in 2024. However, cities like Golden Valley, and Northfield follow an upward trend throughout the year.

Is it good to live in Minnesota? ›

Each year the researchers at personal finance publication WalletHub do a study to rank all 50 states on livability based on five categories: affordability, economy, education and health, quality of life, and safety. Whenever the new results come out, the Gopher State consistently ranks in the top 10.

The average rate of appreciation for a house over 30 years also varies by region and time period. For example, according to Black Knight's report, the national appreciation rate was 3.8% per year in 2019, slightly less than the 25-year average of 3.9%.

A single person in the Twin Cities metro area needs to earn $47,442 a year — about $22 an hour — to afford the basics: food, housing, health care, transportation and a cell phone. For a family of four, the parents need to earn at least $119,229 a year — or about $28 an hour each.

and Go Banking Rates, Yahoo Finance compiled a list of the most expensive cities to live in each state. Per the list, the most expensive place to live in all of Minnesota is (you guessed it!) Minneapolis. The cost of living in Minneapolis is 3.2% more expensive than national average housing costs.

Home prices haven't fallen in the Twin Cities since 2011. Zillow predicts that streak is going to end this year. What they're saying: The real estate platform says the Twin Cities will be one of the five coolest housing markets in 2024 and that prices will fall by 3% this year.

MSA forecasts for the Minneapolis area predict a slight decline in home prices. The forecast suggests a 0.2% increase by May 2024, followed by a 0.3% decrease by July 2024, and a more substantial dip of 3.4% by April 2025.

Because of a record low number of available housing units, rents and home prices have soared in recent years. This shortage exists in nearly every state. In fact, housing underproduction has been worsening in nearly 75% of the country's metropolitan areas.