The Bright Inner Ring Eclipses the Rest

By David Arbit on Monday, August 21st, 2017

While many–though not all–cities around the metro have seen all-time high median sales prices, the first and second-ring suburbs near Minneapolis and major job centers stand out. Check out the median home price for these Minneapolis suburbs.

But when we account for the fact that bigger homes are selling (both from new construction and finishing the attics and basements of existing homes), we find that the price paid per foot of house has not reached new highs since the bubble. That means the price of a comparable or identical property may not really be at all-time highs. Record prices partially reflect the fact that bigger homes are selling.

Here is the same comparison for other Twin Cities suburbs a bit farther out.