POTW | Eagan
By David Arbit on Monday, April 13th, 2015
Eagan has grown in popularity lately, partly due to its high quality schools, desirable homes and proximity to major job centers. Eagan is the 10th largest city in the state of Minnesota, with about 65,500 citizens calling it home.
The median home price in Eagan only needs another 2.6 percent gain before prices return to bubble levels. Compare that to the broader Twin Cities metro market, which has another 12.0 percent to go before reaching 2006 prices. It’s worth noting that this is simply one measure of performance, and that not every local market is ready to return to its previous price peak without improving underlying fundamentals.
Within Eagan, there are some significant differences between different property and construction types. For example, condos used to fetch more per square foot than single-family homes in 2005 and 2006. But single-family homes surpassed condos on a price per square footage basis and that trend continues today—though the gap has narrowed since the market bottomed in 2012.
As of March 2015, about 12.2 percent of the active listings in Eagan were classified as new construction. Although there are roughly seven times more previously owned active listings than new construction, new construction active listings increased by 26.3 percent while previously owned listings decreased by 0.6 percent.
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