Metropolitan Statistical Area (MSA):
Winona, MN is a Metropolitan Statistical Area (MSA) comprising counties including Winona County.
There is no doubt that the Winona, MN metropolitan statistical area (MSA) has seen some ups and downs in the housing market over the past few years. However, there are some definite trends that have emerged in recent months that suggest that the market is on the rebound.
First and foremost, prices in the MSA have been steadily increasing since bottoming out in 2012. In fact, according to data from the National Association of Realtors, the median home price in Winona was $144,000 in 2016, which was up nearly 5% from 2015. Additionally, it is worth noting that this trend is not just limited to Winona proper; prices are also rising in surrounding communities such as La Crosse and Rochester.
Secondly, there has been an increase in both new construction starts and sales of existing homes. This is likely due to a combination of factors including low interest rates and a growing population. In fact, according to data from the U.S Census Bureau, population growth in Winona County has averaged 0.7% per year since 2010. This may not seem like much but it represents a significant change from previous decades when population declines were common.
Finally, another trend worth mentioning is the increasing number of people who are choosing to rent rather than buy a home. This is likely due to a combination of factors including tight credit conditions and an overall increase in costs associated with purchasing a home (e.g., property taxes). According to data from Yardi Matrix, the average rent for an apartment in Winona was $846 per month as of November 2017 – up nearly 4% from 2016 levels.
All things considered, these trends suggest that the housing market in the MSA is slowly but surely improving after taking a hit during the Great Recession