The Minneapolis/St. Paul metropolitan area consists of 11 core counties.  The area has a very diverse economic base and residents enjoy a quality of life among the highest in the nation.  The following charts depict market trends for residential properties in the 11 county metropolitan area and are based on information from the Regional Multiple Listing Service of Minnesota, Inc. for the period 2000 through 2009.

Residential market activity in the Twin Cities began to slow between 2004 and 2005.  Since approximately 2006 the market has been generally over-supplied with a wide gap between supply and demand.  On a positive note, supply has been declining since 2007 and demand has recently increased.  If these trends continue, market balance may again be seen in the few years.  

As a result of the slowing market, the median sale prices of homes in the metropolitan area have declined.  

 

The Case-Shiller Home Price Index for the Minneapolis/St. Paul Metropolitan area shows that home prices have declined to an amount equal to prices seen in late 2001.  In other words, gains in housing values seen over the last 9 years have been largely erased.  A positive trend however, is that the index shows an increase in overall housing prices since the end of 2009.

More detailed statistics about the Minneapolis/St. Paul residential market are available from NorthStar MLS.

For a thorough market analysis of a specific county, city or neighborhood, please contact us.