Metropolitan Statistical Area (MSA):
Owatonna, MN is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Owatonna, MN metropolitan statistical area (MSA) has been affected by the nationwide housing market trends. The most obvious trend in our area is the decrease in home sales. According to the North Central Minnesota Association of Realtors, home sales in our MSA have decreased by almost 30% since 2005. This is not surprising when you consider that the median home price in our area has also decreased by about 10% during that same time period.
What is causing these trends? One factor is certainly the decrease in population growth in our area. This has led to fewer people buying homes and more people selling their homes. Additionally, job loss and foreclosures have played a role in these trends as well.
What does this mean for those of us who live in the Owatonna, MN MSA? It means that we need to be prepared for slower growth and possibly even declining property values over the next few years. If you are thinking of buying a home, you may want to wait until prices bottom out before making your purchase. And if you are thinking of selling your home, you may want to do so sooner rather than later.