The past year has been massive for the Minneapolis housing market, having achieved growth levels it has not seen in the past seven years. This is good news for the real estate industry as a whole, especially that it can now confirm the end of the housing bubble that has plagued the country for years. Experts predict that the upswing will definitely continue in the next several months or even to a full year.
Image source: minneapolis.org
Minneapolis is currently one of the strongest metro cities in terms of economic performance, which easily translates to great opportunities for the real estate sector to make a rebound. Almost every market indicator for the city has improved dramatically since the recession. In fact, Minneapolis is currently one of the top major cities for job creation, with a very low unemployment rate of just 3.6 percent. This means the majority of the residents have high purchasing power, which allows them to afford big purchases as major as real properties.
At this point, the only thing holding back (but is actually a good indicator) the further upturn of the Minneapolis housing market is the relative paucity of properties that can be sold on a commercial level. Current demand is so high that it puts property owners and developers in both awkward and rewarding situation. With top universities, green businesses, excellent public health facilities, low unemployment rate, and a generally agreeable community culture, Minneapolis has been a hot spot for new homebuyers. Experts anticipate that median home sale prices will rise to at least 6 percent this year while interest rates will only increase slightly to more or less four percent. The Minneapolis housing market has been in its healthiest state in about ten years.
Image source: goodhousekeeping.com