Home price trends in Minneapolis

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City-by-city price comps

Some sellers in this riverfront city still need to drop their home prices. There’s a 19-percent difference between the actual and equilibrium price, according to Local Market Monitor. Residential construction has halted, with a 43-percent decline in building permits from December 2007 to December 2008. An increase in sales in early 2009 is attacking high inventory levels and could be parting the waters to a rebound.

Median price end of 2008: $188,600
Median price end of 2007: $217,200
Percent change: -13.2%
Projected change through Q3 2009: -5.8%
Affordability rating: 0.1
Foreclosures in 2008:
(1 for every 71 households)
Foreclosures in 2007:
(1 for every 120 households)
Change in foreclosures: 70.9%
Expected to hit bottom: Q1 2010
Percent drop needed to reach bottom: -23.6%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $199,900
Q2 2008 local median price: $210,800
Q3 2008 local median price: $205,100
Q4 2008 local median price: $188,600

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