Affordable neighborhoods are becoming the hot spots of the Minneapolis St. Paul housing market. First-time buyers just can’t afford the more upscale Twin City areas.
Buyers are most likely to spend less than $300,000 and sellers are getting solid offers, according to the Minneapolis Star Tribune. The top five housing markets in the Twin Cities last year were all working-class suburbs such as West St. Paul and Brooklyn Center, where sellers got double-digit price gains, full-price offers and quick sales, according to the Star Tribune’s 2019 Hot Housing Index, which tracks changes in sale prices,market times and other key indicators for more than 100 metro cities.
In those top markets, nearly 90 percent of the sales were for less than $300,000, with an average sale price (per square foot) that increased 17 percent or more over the previous year.
It’s a trend that’s happening across the country as buyers move from big cities like San Francisco and New York City to smaller, more affordable communities like Boise, Idaho, and Tucson, Ariz., all of which are expected to see the biggest increase in sales and prices this year, according to a recent report by Realtor.com.
Read more about the Twin Cities housing market.