Minneapolis

The City of Lakes experienced a dip in home prices and closings as foreclosures rose last year. Affordability isn’t a concern, with Local Market Monitor reporting a 1 percent difference in actual prices and equilibrium.
Median price end of 2007: $217,200
Median price end of 2006: $228,300
% change: – 4.9%
Projected change through Q3 2008: – 4.9%
Affordability rating: 4.3
Foreclosures in 2007:
(1 for every 120 households)
10,798
Foreclosures in 2006:
(1 for every 295 households)
4,375
Change in foreclosures: + 146.8%
Current rate comparison
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Click here for state vs national rates
Price trends

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June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $228,300
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $217,200
* Median prices for existing single-family homes