Lake City has its fair share of distinctive luxury properties. From stately mansions to sleek condos, Minneapolis offers something for everyone in its high-end real estate market.
Luxury real estate market trends
Minneapolis has a strong luxury real estate market, with home sales in the upper end of the spectrum setting records in recent years. Confidence in all price ranges of the local market has been fully restored since the housing market crash of 2008, and the upper bracket, in particular, is far healthier with 13 months supply compared with 38 months supply during the downturn.
Even high-end properties that are perceived as market outliers are receiving offers. Sellers are seeing record sales and notable deals, pointing to the demand for trophy property in a competitive market.
Wage growth and low unemployment rate are two of the main drivers of local real estate. The city shares the top spot with Salt Lake City in Utah for the lowest unemployment rate for large metropolitan markets in the US.
Major employers such as Target, Best Buy, United Health Group, and Medtronic contribute to the housing market’s long-term stability. By attracting top talent from around the globe and encouraging inbound migration, these corporations play a part in the formation of new households, upward mobility, and driving up housing demand and rental fees.
The city’s multi-faceted quality also appeals to high-end buyers. It has everything from lakes and an extensive park and trail system to urbane amenities, historic architecture, and a thriving art scene.
Minneapolis Homes – Luxury Properties
Those interested in the city’s luxury homes have a diverse selection to choose from. Single-family homes and condos in the market’s upper bracket tend to be some of the most coveted residences.
High-end single-family homes come with as many as 7 bedrooms and thousands of square footage. Situated on oversized lots, these residences often feature exquisite woodwork and top-of-the-line kitchen appliances. Home theaters, fitness centers, and indoor sports courts are typical as well.
Luxury condos in downtown Minneapolis and upscale studio apartments that command views of the river usually sell in less than two weeks. Some units may pass hands even before they get listed.
Waterfront homes alongside Lake Minnetonka are also highly sought after. These homes are ideal for outdoor enthusiasts who enjoy water-based activities and those who own boats, Jet Skis, and other watercraft.
General outlook for Minneapolis real estate
Twin Cities has a tight market, with demand outpacing supply. Although there were about 20,000 homes for sale in Minneapolis at any given time before the housing market crash, the figures have dwindled to 11,000 and 15,000 in recent years. The low inventory indicates that homeowners and property investors are holding on to their residences, or are able to sell quickly.
Whatever the case, the market is right and as such, prices are expected to climb. This means homeowners and property investors can expect to see home values rise, which translates to higher returns on their property if they decide to sell. This also means that prospective buyers should buy sooner than later or they might end up having to pay significantly more for a home.
In an attempt to balance out the market and bring the number of available homes to normal, new home constructions are in the pipeline. Prospective buyers can look forward to an array of newly built residences in the near term.