55718, Carlton, MN

Carlton, MN is located in the southeastern corner of Minnesota and has a population of just over 10,000. The 55718 zip code covers just over 2 square miles and has a median home value of $146,000. Home equity in Carlton has been on the rise for the past few years as prices have increased by an average of 7% annually. In fact, according to Zillow’s recent report on home values in America’s 100 largest cities, Carlton ranks as the 9th most expensive zip code in Minnesota and the 4th most expensive zip code in the Twin Cities metro area.

One reason why home values have been increasing so rapidly in Carlton is that there are a limited number of homes available for sale. In fact, according to MLS data from January 2018, there were only 104 homes available for sale within 55718 zip code which accounted for just over 25% of all listings. This shortage of inventory has led to bidding wars and high prices for properties that do come up for sale.

Another factor contributing to high home values in Carlton is the strong economy. According to Zillow’s report on American city home values, Carlton ranks as one of the top 20 cities nationwide with the highest annualized growth rates (7%) since 2013. This strong economy has led many people who would have previously bought a house to instead invest their money into buying equity in their current home or purchasing a new home elsewhere.

Overall, it seems that both rising prices and an abundance of available homes are driving up home equity values in Carlton. While this may be good news for those who own homes here, it may not be so great news for those who are looking to buy their first house or are struggling to afford their current residence.