POTW | McKinley Nbhd
By David Arbit on Monday, August 22nd, 2016
If you’ve ever tried to take a stroll along the Mississippi riverfront in North Minneapolis, you’ve likely noticed that this task is easier said than done. The city wants to change that and redevelop the northern riverfront into a much more people-friendly environment. Currently, the northside riverfront is comprised overwhelmingly of industrial land uses (Cemstone, GAF, Northern Metal, et al). Strategically located high quality jobs are key to success in today’s economy, but there are clearly some improvements that can be done to raise the bar in terms of walkability, inviting a more diverse mix of land uses and placemaking.
Spanning from N. Lowry to Dowling and from Dupont to the river, the McKinley neighborhood is at the core of the North Minneapolis Riverfront. McKinley has a lot to offer, including an affordable and attractive housing stock, access to regional transportation networks and proximity to downtown.
The median home price in the McKinley Neighborhood is $103,500, compared to $127,000 in the broader Camden Community. However, prices in McKinley rose almost 32.0 percent from the same period last year while Camden prices rose a more modest but still admirable 11.4 percent.
Compared to the City of Minneapolis as a whole and the Twin Cities metro as a whole, McKinley has a healthier balance between buyer and seller activity—with 3.6 months of supply compared to 2.2 and 2.9 in the city and metro, respectively.
In light of that, it isn’t surprising that days on market is slightly higher in the neighborhood than the other two geographies. McKinley homes tend to go under contract after 58 days on the market compared to 28 and 35 for the city and metro, respectively.
However, if you just look at traditional properties priced roughly between $130,000 and $190,000, the days on market figures are much tighter across the three geographies based on the latest figures.
On average, McKinley sees fewer showings per listing than Minneapolis (5.6 versus 8.3), but is more or less on par with the metro (5.6 versus 6.1). This suggests there is about as much buyer interest in McKinley homes as there are in homes across the metro, but slightly less than the City of Minneapolis as a whole.
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