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Minnesota real estate

Minnesota – Housing Prospects Improving in the Land of 10,000 Lakes

In a state where 72% of residents own their homes, Minnesota's improving housing market is a welcome relief to worried sellers and buyers! After suffering four years of decline, it appears that the Land of 10,000 Lakes has finally turned the corner.

Since 2007, Minnesota has suffered more than its share of foreclosures. Ranked late in 2012 as the 20th highest foreclosure rate in the nation, Minnesota has continued to see slight improvements. Recent declines in foreclosures (down almost 15% statewide since 2011) combined with an improving economy have produced a climate more favorable to Minnesota's previously volatile housing market.

Home sales in Minnesota went up by more than 50% between the end of 2011 and late 2012. And because inventory here fell to its lowest levels since 2003, home prices actually increased 16.9% since 2011!

In the Twin Cities area, 2012 figures show that home sales increased by nearly 20%. Inventory levels in the Twin Cities dropped to 31.8%. Home prices were up as well, with the median price rising almost 12% in 2012. Nonetheless, prices remain significantly below pre-recession levels. In 2006, the median sales price was $230,000. At the end of 2012, it was $167,900. So, realtors around the Twin Cities know there’s still some work to do – but things are headed in the right direction. In fact, Minneapolis in particular has shown favorable trends, and by the end of 2012, it was recognized as one of the top markets in terms of best year-on-year price gains!

Minnesota's recent gains no doubt stem in part from its low unemployment rate. From a high of 8.3% in May of 2009, the North Star State has posted an impressive drop. By December 2012 the unemployment rate had dropped to 5.6%, more than 2 points below the national rate of 7.8%.

Improvement is not limited just to the glimmer of the Twin Cities! In Rochester, builders report that by the end of 2012 more permits were issued for new home construction than in the previous four years. And sellers of currently existing homes obtained nearly 94% of their original asking price. By the end of 2012, Rochester saw an increase in home sales 20.2% over 2011.

Statewide, the number of homes sold increased by over 50% in 2012. And, with a lower inventory of available houses, prices increased by 16.9% in the same period.

The future indeed looks brighter for the Land of 10,000 Lakes! With prospects of an improving job market, and current home sales inching up, Minnesotans can look forward to continued economic growth. Who knows, maybe one day that growth could mean a cozy cabin for you on one of those lakes!

Living in Minnesota

Do you want to live in a state that has plenty of thriving metropolitan areas – but offers quaint small town living, too? Then Minnesota may be perfect!

With 11,842 lakes that are more than 10 acres in size, Minnesota certainly earns its nickname “The Land of 10,000 Lakes”! In fact, the Minnesota section of Lake Superior is enormous, covering 962,700 acres.

Much of the time, you’ll have to bundle up to experience those lakes, though. Minnesota’s weather is typically extreme, ranging from hot summers to very cold winters – with an average annual snowfall of 53 to 70 inches.

Before you head north to Minnesota, let’s go over some of the fast facts:

  • What is the population of Minnesota?
  • The population of Minnesota is 5,379,139
  • What is the capital of Minnesota?
  • The capital of Minnesota is St. Paul
  • What is the largest city in Minnesota?
  • The largest city is Minneapolis

While Minnesota’s industries once focused on fur trading and agriculture many years ago, this state has thrived – particularly in the “Twin Cities” of Minneapolis and St. Paul. Today, 60% of Minnesota’s residents live in these two cities, and the area is a hub for business, industry, education, government, transportation, and the Arts.

While less than 1% of Minnesota’s residents are employed in agriculture, it still is key the economy here. In fact, Minnesota is the country’s largest producer of sugar, sweet corn, and green peas, as well as farm-raised turkeys.

Outside of the Twin Cities, you’ll find a mixture of prairies, forests, and areas used for mining, forestry, and outdoor activities. Logging and paper production are strong industries here.

If you enjoy the outdoors, you will revel in the beauty of Minnesota’s 72 state parks and recreation areas. Plus, its 58 state forests include about 4 million acres of wildlife preserves! Located in the Superior National Forest, the Boundary Waters Canoe Area Wilderness consists of more than 1 million acres and 1,000 lakes.

If you are a shopper, the largest indoor shopping mall, Mall of America, is located in Bloomington. Opened in 1992, the mall has more than 530 stores and welcomes more than 40 million visitors annually.

Once you get here, it won’t take long for you to realize that Minnesota is the perfect combination of the old and the new!

This is the Census data for Minnesota

Population

Total population estimate for Minnesota (July 1) 2012
5,379,139
Total population change for Minnesota- April 1, 2010 to July 1, 2012
1.4%

Age

Percentage of the population that's under 5 years old in Minnesota, 2011
6.6%
Percentage of the population that's under 18 years years old in Minnesota, 2011
23.9%
Percentage of the population that's 65 years and over Minnesota, 2011
13.1%

Gender

Percentage of the population that are females in Minnesota, 2011
50.3%

Race breakdown for Minnesota in percentages

White alone, 2011
86.9%
Black alone, 2011
5.4%
American Indian and Alaska Native alone,2011
1.3%
Asian alone, percent, 2011
4.2%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
2.2%
Hispanic or Latino Origin, 2011
4.9%
Not Hispanic, White alone, 2011
82.8%

A little more about the residents of Minnesota

Percentage of residents who lived in the same house 1 year ago, 2007-2011
85.6%
Percent of residents who are foreign born 2007-2011
7.1%
Percent speaking a language other than English at home, 2007-2011
10.5%

Education

Percent high school graduates or higher for residents 25 years old and over in Minnesota, 2007-2011
91.6%
Percent with a bachelor's degree or higher for residents 25 years old and over in Minnesota, 2007-2011
31.8%

Veterans

Total number of Veterans living in Minnesota 2007-2011
385,675

Communting

The average travel time to work for workers in Minnesota (16 years and over not working at home), 2007-2011
22.6 mins

Real estate stats in Minnesota

Housing unit estimates, 2011
2,354,034
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
73.6%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
21.6%
Median value of specified owner-occupied housing units, 2007-2011
$201,400.00
Households, 2007-2011
2,094,265
Average household size, 2007-2011
2.46

Income

Per capita income for Minnesota in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$30,310.00
Median household income in Minnesota, 2007-2011
$58,476.00
Percentage of people living in poverty in Minnesota 2007-2011
11.0%

Business and commerce info for Minnesota

Private nonfarm establishments, 2010
145,464
Private nonfarm employment for pay period including March 12, 2010
2,357,971
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-1.6%
Total number of businesses in Minnesota, 2007
496,657
Percentage of Black-owned businesses in Minnesota, 2007
2.5%
Percentage of American Indian- and Alaska Native-owned businesses in Minnesota , 2007
0.6%
Percentage of Asian-owned businesses in Minnesota, 2007
2.3%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Minnesota, 2007
NA
Percentage of Hispanic-owned businesses in Minnesota, 2007
1.0%
Percentage of Women-owned businesses in Minnesota, 2007
26.8%

Land size and population

Size of Minnesota in Square Miles, 2010
79,626.74 mi²
Population per square mile in Minnesota, 2010
66.6

Minnesota real estate

[Not Specified]

Apple Valley

Arlington

Beardsley

Belle Plaine

Belview

BIGFORK

Bird Island

Blomkest

Bloomington

Brainerd

Breezy Point

Brevator

Brewster

Brooklyn Center

Brookston

Buffalo Lake

Butterfield

Cambridge

carlton

Center City

Champlin

Chandler

Chanhassen

Clear Lake

Clearwater

Coon Rapids

Cottage Grove

Crookston

Crosslake

Deephaven

Dora Lake

Dunnell

Eagle Lake

Elk River

Ellsworth

Faribault

Farmington

Fifty Lakes

Franklin

Fridley

Garden City

Gaylord

Gilbert

Glencoe

Glenwood

Goodland

Granite Falls

Ham Lake

Hanley Falls

Hastings

Hazel Run

Henderson

Hendricks

Heron Lake

Independence

International Falls

Ivanhoe

Kabetogama

Kelliher

Kenneth

Kiester

La Prairie

Lake Benton

Lake Crystal

Lake Isabella

Lake Lillian

Lake Wilson

Lakefield

Lakeville

LaPrairie

Larsmont

Lester Prairie

Lewisville

Lindstrom

Little Canada

Little Marais

Long Lake

Luverne

Madelia

Magnolia

Mahtowa

Manhattan Beach

Maple Lake

Mapleton

marcell

Markham

Maynard

Meadowlands

Melrude

Menahga

Milaca

Miltona

Minnesota Lake

Minnetrista

Montgomery

Monticello

Moorhead

Mounds View

Mountain Iron

Mountain Lake

Murdock

Nett Lake

New Hope

New York Mills

Nicollet

North Mankato

Northfield

Northhome

northome

Oak Grove

Other City - Not In The State Of Florida

Outside Area (Outside Ca)

PALISADE

Park Rapids

Pequot Lakes

Pine River

Prinsburg

Puposky

Ramsey

Raymond

Richfield

Richmond

Rochester

Round Lake

Rushmore

Ruthton

Rutledge

Sacred Heart

Saint Francis

Saint Peter

Sand Lake

Sartell

Sauk Rapids

Sherburn

Shorewood

Silver Lake

South Range

South St. Paul

Spring Lake

Spring Park

Springfield

St. Clair

St. Cloud

St. Cloud - Sherburne County

St. James

St. Leo

St. Louis Park

St. Michael

St. Paul

Starbuck

Stewart

Stillwater

Storden

Superior

Swan River

Swatara

Tamarack

Taunton

Terrace

Wabasso

Waldorf

Watertown

Waterville

Watkins

Williams

Willow River

Winsted

Wood Lake

Woodbury

Woodstock

Zimmerman