POTW | Nokomis Community
By David Arbit on Monday, August 8th, 2016
Comprised of eleven neighborhoods stretching from Minnehaha Falls over to 35W and roughly from 42nd St. E. down to the Crosstown, the Nokomis Community offers classic South Minneapolis living with convenient lake, dining, nightlife, transit and freeway access.
Though it wasn’t always the case over the last decade or so, the Nokomis Community boasts higher median home prices than both the metro and the City of Minneapolis. The most recent July figures show the Nokomis median home price at $239,900, Minneapolis at $225,000 and the metro at $227,000 (rolling 12-month view).
Looking just at single-family homes, Nokomis properties have consistently commanded a higher price per square foot than both the city and the metro. At $161, buyers are willing to pay a nearly $10 per foot price premium to be in Nokomis compared to the rest of Minneapolis.
Shifting gears to neighboring South Minneapolis communities, Nokomis is toward the higher end of the pack for median sales price, even though it trails the Southwest Community by over $100,000. It does, however, boast higher price points than both Powderhorn and Longfellow.
Partly due to that marginally higher price point, Nokomis has an absorption rate slightly higher than neighborhood Longfellow and Powderhorn but well below the 2.1 months of supply available in Southwest.
The good news? South Minneapolis has a neighborhood for just about everyone.
- Position Announcement: MAR Seeks a Chief Executive Officer
- Heart of the Community Award Recipients
- Supply tight but flattening, prices still rising, sales fluctuating
- Advance Notice of Sale Ordinance to Protect Affordable Multi-Housing
- More Early Signs of Shifting Market Tides
- Gung-Ho Sellers Post Largest Increase in Nearly Three Years
- Southeast Minnesota REALTORS® MLS merges with NorthstarMLS
- Maps, Maps and More Maps
- Sales Flatten while Sellers Capitalize on Price Gains
- Govt. Affairs Committee Submits Public Comment on Draft Mpls. 2040 Plan