Real Estate is Booming in These Twin City Housing Markets
The hottest housing markets in Minneapolis and Saint Paul are composed of suburbs in the east metro that are currently dominating the market. These markets are seeing first-time buyers and downsizing empty nesters who are finding deals in quiet neighborhoods that offer value you just can’t find in centralized downtown neighborhoods. Below are the 10 hottest housing markets.
- West Saint Paul - Median home value $192,700
- Circle Pines - Median home value $191,800
- Robbinsdale - Median home value $185,300
- North Saint Paul - Median home value $192,500
- Coon Rapids - Median home value $190,000
- Eagan - Median home value $276,000
- Columbia Heights - Median home value $169,600
- Farmington - Median home value $242,100
- South Saint Paul - Median home value $177,700
- Cottage Grove - Median home value $237,100
Most metro cities have a median value of about $210,000. While this list shows the median price in each market, there were several factors that contributed to each market's overall ranking.
Hot Housing Index
Every year the Star Tribune publishes their Hot Housing Index compiled of data from Minneapolis Area REALTORS®, which ranks communities based on median price per square foot, median days on market, percent of list price received by seller, and change in closed sales compared to the previous year. They take these metrics, add them together, and this gives them the index score. This list does not include newly constructed homes.
This report also includes historical data available for Minneapolis and Saint Paul neighborhoods. Here is some data that we found important:
Currently, sellers are just keeping pace with buyers for the total new listings and closed sales in the metro area. In 2019, new listings were just below 80,000, while closed sales were just above 60,000.
In 2019, houses were selling at a break-neck speed averaging 20 days on the market before being sold. To give you an idea of where this number used to be, in 2008 the average number of days a home was on the market was 110.
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