POTW | Burnsville
By David Arbit on Monday, September 14th, 2015
Roughly 17 miles due south of downtown Minneapolis where I-35 branches out into 35W and 35E lies the City of Burnsville. The Mdewakanton Dakota were the earliest known inhabitants, and now roughly 61,500 people reside in the northern Dakota County city. The downtown area is known as Heart of the City and features a Performing Arts Center, mixed use condominiums projects and the Nicollet Commons Park.
Between 2011 and 2014, home prices in the city lagged behind the metro. Around the beginning of 2015, the city regained its position with home prices slightly above those found in the metro as a whole. That reflects all sold properties.
Narrowing down to just single-family homes, Burnsville home prices hover slightly above the metro, though the gap appears to be narrowing.
New construction prices—on a price per square foot basis—exceeded those of the metro until about the middle of 2011. Ever since, Burnsville new construction prices have been under-performing those of the metro.
Absorption rates in the city are tighter than those in the Twin Cities region as a whole. Burnsville currently has 3.0 months supply of inventory compared to 3.7 in the region. That’s allowed Burnsville homes to sell in less time relative to the metro area. The median number of days a home spends on market before an offer is accepted is 39 in Burnsville compared to 43 in the broader metro.
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