Home Values Heat Up in Minnesota
Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Minnesota?
Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?
Home values provide some answers. They indicate that the market in Minnesota is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.
Current home values in Minnesota
Home values have been rising throughout Minnesota and are up 4.97% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $238,800 , Zillow says.
Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.
With the 30-year mortgage rate at 3.69% and the median home value for Minnesota at $238,800 , a representative monthly mortgage payment would be $1,097.81.
How the Minnesota housing market stacks up
Minneapolis, Minnesota at sunset on the Mississippi river.
Property values in Minnesota are high by historical standards and are higher than what the typical house is worth nationwide.
The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.
Zillow predicts U.S. home values will rise 2.2% over the next year, while in Minnesota, they're expected to rise 2.34%.
Homes are going on the market in Minnesota at a median price of $184 per square foot, versus $155 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
