POTW | Prospect Park Nbhd






As the sounds around the University of Minnesota campus transition from construction equipment to the anxious clamor of students there is no shortage of activity around the Prospect Park neighborhood on the eastern edge of Minneapolis. Adding to that is the reopening of West River Parkway after a June 2014 landslide closed the parkway for over two years. Motorists, cyclists and walkers—really anyone attempting to move around the area—reveled in the reopened corridor

Prospect Park also features a variety of delightful properties. Homes in the community tend to be of a fairly high caliber, and prices in the neighborhood exceed those in the surrounding city by approximately 38.0 percent. Also noteworthy is the fact that Minneapolis home prices appreciated 4.7 percent over the last year compared to 24.0 percent price change in Prospect Park.

Inventory levels have been thin across the metro area, particularly at the affordable, entry-level price points in Minneapolis and St. Paul. In Prospect Park—perhaps due in part to light rail—there also seems to be a divergence between single family and townhouse-condo inventory. It seems as though townhomes and condominiums are making up a larger and growing share of the overall inventory pie, as they did from 2007 to 2009.

Those shopping for homes in this area can expect to pay about $190 per foot. So a 1,700 square foot home would cost approximately $323,000. But it’s important to understand that market dynamics vary not just by location by also by price point. A family shopping for a 1,400 square foot home in Prospect Park can expect to pay $211 per foot, while a family shopping for a 2,800 square foot home in the same neighborhood can expect to pay about $135 per foot.

POTW | Nokomis Community






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.