“Location, location, location” has always been a real estate mantra, most often referring to increasing or decreasing value based on different neighborhoods and sites in the same geographic location. In today’s housing market where home prices continue to rise it’s more important than ever to know that not every home appreciates at the same rate.
When you are relocating across the country, it’s important to know that states also have different appreciation and housing values, which may impact your home transition. The map below illustrates median home prices in different states, ranging from $118k in Mississippi to $638k in Hawaii. (based on 2017 data from the National Association of Realtors)
Prices have continued to rise, and median home sales price for all of Minnesota in May 2018 was $245k. It is not surprising that the Twin Cities metro area was higher, with a median sale price of $271k. Supply and demand has created a seller’s market in price ranges under $500k, a balanced market in the $500k-$1M price range and a buyer’s market in price ranges over $1M.
See “May 2018 Real Estate Update… average sale price is higher than list price” for more Twin Cities market details.