Best City to Buy a House in Minnesota

The North Star Country is dwelling house to ten thousand lakes, and virtually every bit many great real estate markets. Investors interested in expanding their portfolios should accept a long look at Minnesota; this guide examines five of the state'southward hottest investment markets.

The North Star State is mostly known for its lakes, its winters, and Prince (R.I.P.). But supported by a rock-solid economy, ballooning population, and high quality of life, Minnesota'southward real manor market is fast becoming one of its signature attractions. For investors looking to aggrandize their portfolios, there are few better states to wait at.

Over 65% of Minnesotans live in the Twin Cities surface area, and then that region is well-represented on this list, with nigh of the areas detailed beneath located near the Minneapolis-St. Paul "Twin Cities" metro area. In fact, let's begin with the majuscule itself.

Minneapolis

Minnesota's upper-case letter urban center is non only the hottest market in the state, but it's one of the hottest markets in the entire country, ranking #1 overall in the Midwest.

The median toll for Minneapolis homes on the market is $300,000, which is far to a higher place the national boilerplate of about $200,000. Home prices there accept risen 6.4% over the past year, and are predicted to rising a further five.2% over the adjacent year.

Why is Minneapolis such a good for you market? The list of reasons is long: information technology's home to 19 Fortune 500 companies, has 1 of the everyman vacancy rates in America, and has a strong economy that's steadily growing. The urban center also has higher than average population growth, as many new residents are moving in that location, and the overall portion of the population that's under age 44 is higher than the nationwide average.

All in all, this is a recipe for a very strong rental market place. Investing in rental properties here would be a solid decision.

Otsego

Considered by some to be the hottest marketplace in the unabridged state, the genteel suburb of Otsego is located about xxx miles northwest of the Twin Cities. Business firm sold there last year an average of two days faster than they did the previous year, and the boilerplate toll per square foot skyrocketed 20% over the iv-twelvemonth average. Sellers got an average of 100% of their original list price, and then homes were going under contract very apace after striking the market. It also has an impressive 94.iii% charge per unit of homeownership.

Homes there are priced very slightly below the national average, coming in at only under $200,000, implying there'due south still plenty of room to abound in this marketplace.

Crystal

This mid-sized suburb in Hennepin County, just outside the Twin Cities, has seen explosive growth over recent years. Average per-square-foot prices have shot up 24% over the previous four-year average, and last year sellers got an average of 101% of their original list price, pregnant that bidding wars were a regular occurence.

Sales were happening significantly faster last twelvemonth, too, with sales closing an average of vii days faster than the previous yr. Median dwelling house values here are still quite depression, as well, coming in at $168,200.

This potent market is supported by a healthy median household income of $62,831, likewise every bit a very high local quality of life; the urban center boasts more than than 240 acres of green space, as well every bit 27 parks.

Zimmerman

Located 40 miles from Minneapolis, Zimmerman is a quaint lilliputian boondocks with a rock solid housing market. Homes here were selling, on average, a total calendar week faster than they sold the previous year, and average per-square-human foot prices were up 23%. Sellers received an average of 100% of their original list price, so don't expect any bargains if you're trying to purchase, but definitely get excited if you're looking to sell.

Zimmerman is surrounded by lakes, with beautiful, leap-fed Lake Fremont on the urban center'south eastern flank offer angling, swimming, and canoeing in the summer. There'south also the Sherburne National Wild animals Refuge nearby, likewise every bit the Sand Dunes State Forest. Sound similar an idyllic place to settle down? Most prospective renters and home buyers think then, likewise.

Blaine

Blaine is a picturesque town of just over 55,000, merely outside the Twin Cities. Home prices in that location have risen 8.2% over the past year, putting it in the top 20th percentile of markets nationwide, and dwelling prices are forecast to ascension 7% over the next yr.

Average per-foursquare-foot prices were up 16% over the previous 4-yr boilerplate, and houses sold a total week faster final year than they did the previous year. Sellers received 100%, on boilerplate, of their original listing toll.

With four lakes inside the city limits, and the urban center enacting an ambitious 500-acre open space plan, quality of life is a strong gene in Blaine's attractiveness every bit a marketplace.

Wherever yous're looking to invest in Minnesota, your all-time bet would be to partner with an experienced local existent estate agent. They'll be intimately familiar with everything from your target marketplace's seasonal fluctuations, to the most successful type of local investment properties, to the country's unique disclosure requirements.

Clever Partner Agents are meridian performers in their respective markets, and at that place'south no i better to help you pause into the Minnesota market of your option. Contact us today for a no-obligation consultation!

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