55384, Spring Park, MN

The 55384 zip code of Spring Park, Minnesota is located in the Twin Cities metropolitan area. The median home value in this zip code is $161,000. The home equity index for this zip code is 95.2%. This means that the average homeowner in this zip code has over $160,000 of equity in their home.

One reason that homeowners have a lot of equity in their homes is because the market for homes in this zip code has been relatively stable over the past few years. In fact, according to Zillow’s Home Value Index (HVI), the median home value in this zip code has only gone up by 2% since 2013. This stability is likely due to a number of factors, including low unemployment rates and low interest rates.

Another reason why homeowners have a lot of equity in their homes is because there are a limited number of properties available for sale in this zip code. According to Trulia’s Housing Market Report for Spring Park, there are only 191 active listings on the market as of March 2019 – which is significantly fewer than other comparable neighborhoods across the Twin Cities metro area. This limited supply means that homeowners can usually get what they want when it comes to prices for properties in this zip code – even if they don’t want to sell right away.

Overall, homeownership rates and home values are both high relative to other areas across Minnesota and the United States as a whole. This indicates that people who live in Spring Park – and other similar neighborhoods – are generally happy with where they live and feel confident about their long-term prospects for housing prices and home equity