Photo courtesy of the Greater Minneapolis
Convention Visitors Bureau
With virtually 1,000 lakes, approximately 30 theatrical venues, the giant Mall
of America in close proximity and among the friendliest, safest and cleanest
cities in the United States, many consider Minneapolis/St. Paul heaven with
snowplows.
After numerous years of steadily rising prices, the real estate market is
beginning to thaw, which adds to the good news. With the median home price
dropping about $20,000 to about $220,000, now what was once decidedly a
seller’s market has become more buyer-friendly. The formerly skyrocketing
rental market, finally loosening as vacancy rates rise, has held steady for the
last year with an average rent of about $900 per month for a single-family
home.
In St. Paul, a vintage fixer in the emerging urban neighborhood of Midway can be
found for $125,000. Only 13 miles west of Minneapolis, the chi-chi Minneapolis
suburb of Orono, known as the Jewel of Lake Minnetonka, boasts estate homes
that sell for well over a million dollars and single family homes with an
average sale price of $325,000.
A variety of neighborhoods capture the Twin Cities eclectic character. There’s
Minneapolis's serene, tree-shaded Linden Hills; the culturally active and mixed
West Side in St. Paul; and two Minneapolis suburbs, exclusive Edina and
well-rounded, burgeoning Minnetonka.
