Metropolitan Statistical Area (MSA):
Minneapolis-St. Paul-Bloomington, MN-WI is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan statistical area (MSA) is one of the hottest housing markets in the country right now. Home prices in the Twin Cities have been on the rise for several years now, and there is no end in sight. The combination of a strong economy, low interest rates, and a tight housing market has made the Twin Cities one of the most desirable places to live in the country.
The median home price in the Twin Cities is currently $274,000, which is up 8.4% from last year. The average price per square foot for a home in the Twin Cities is also up 8.4% from last year to $170. These increases are well above the national average, which stands at just 3%. It is clear that demand for housing in the Twin Cities is very high right now.
There are several factors driving this demand. The first is job growth. The Minneapolis-St. Paul metro area has added over 60,000 jobs in the past year alone. This strong job growth has led to more people moving to the area in search of work. Additionally, many people who already live in the Twin Cities are looking to upgrade their homes as their incomes increase.
Another factor driving demand for housing in the Twin Cities is low interest rates. Mortgage rates are currently near historic lows, making it an ideal time to buy a home or refinance an existing mortgage. With monthly payments so low, more people can afford to buy homes than ever before.
Finally, there is simply not enough housing available to meet current demand levels in many parts of Minnesota . This has led to bidding wars on properties and rapidly escalating prices . In some cases , homes are selling for well above asking price . It's not uncommon for properties to receive multiple offers , often times with all cash buyers .