Metropolitan Statistical Area (MSA):
There is no doubt that the Mitchell, SD metropolitan statistical area (MSA) is a hotbed for real estate activity. The combination of strong job growth, low interest rates, and an influx of new residents has created a perfect storm for the housing market.
In the past year, we have seen home prices rise steadily, with the median price of a home in the MSA now topping $200,000. This is up from just $175,000 last year, and $150,000 the year before that. The trend shows no signs of slowing down either, as more and more people are looking to call Mitchell home.
What is driving this demand? A lot of it has to do with job growth in the area. With new businesses moving into town and existing businesses expanding, there are more opportunities for employment. This is attracting people from all over South Dakota and even other states to come live and work in Mitchell.
In addition to job growth, another factor that is driving up demand for housing is low interest rates. Mortgage rates are still near historic lows, making it an ideal time to buy a home. With monthly payments relatively affordable, more people are able to enter the housing market than ever before.
All of these factors are coming together to create a very strong housing market in Mitchell right now. If you are thinking about buying a home in the area, now is a great time to do so. Prices are on the rise and there is no telling how high they will go in the coming years.
|Name||State||Metromicro||Fips State Code||Fips County Code||Region Type||Population|