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Sep
08

Twin Cities Housing Market Values Rise, but Boost Varies Greatly | Star Tribune

Housing prices in Hennepin County

Click on Image to view interactive data on Twin Cities home values

It’s been said that the three most important things in real estate are; location, location and location.  This article in Sunday’s Star Tribune perfectly illustrates this point by comparing home value trends in Edina and Wayzata to home value trends in Brooklyn Center and Robbinsdale.

While these four cities are a small sample size of the total Minneapolis – St. Paul real estate market, the difference in the median home values is very telling.  While Edina median home values are down roughly 10% from 2007, Brooklyn Center media home values are still down 42% according to the Hennepin County Assessor.

“After plunging for years across the metro area, home values are finally beginning to climb again — a turnabout that could spell the end of an ugly cycle for the finances of local cities and counties.

In Hennepin County alone, 15 cities are seeing gains in the tax value of residential property for purposes of the budgets and taxes that will be set starting this month. That’s up from just two cities the previous year, with every sign that many others will join the upturn next year.

A closer look at the data, however, shows that not everyone suffered equally during the recession’s plunge, and not everyone is recovering at the same pace.”

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