December 10, 2014 Josh Sprague

Edina MN Real Estate Market Update

The Edina Housing market is one of the most stable markets in the Twin Cities. Even as the broader MN housing market struggled through a major housing recession from 2008-2012, Edina got hit later, and bounced back faster, than most other communities.  We have been making a strong comeback ever since. For context on how resilient the market has been, check out this market news post from Sep, 2011:

The Edina housing market has been the one bright spot in an otherwise difficult year for the Twin Cities housing market. With year-to-date supply down 11% from last year, and closed sales up 2%, the market is finally stabilizing and housing prices are actually rising again. In fact, though August median price is up 2% over 2010, and average price is up 6%

As of Dec 2014, Edina’s median price is up 9% over 2013, and market time is down 10%. If you’ve watched my Edina Real Estate Video Blog, then you’ll know that a major factor driving these price dynamics is limited inventory, low rates, and the continued high performance of our Edina School District. In addition, tax rates in Edina remain the lowest in the region, with residents receiving highly rated and valuable city services for their tax dollars.   But , the supply-demand ratio will not continue like this forever. Already, the months supply inventory has risen from about 2 months to 3 months over the last year. This dynamic will continue in 2015 as we head back towards a more balanced market of 6 months worth of inventory.
If you are ever are curious about your own market value, feel free to email me and I will get you an updated market analysis within 1 business day!

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