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POTW | Lyndale Nbhd

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The Southwest Journal recently reported about rent increases in several Lyndale Neighborhood multi-family buildings. That strikes us as a good time to take the pulse of the owner-occupied or homeownership market.

Lyndale neighborhood prices have risen, as have those in Powderhorn and the entire city. Lyndale prices are hovering between the powderhorn community and the entirety of Minneapolis. At $217,450, prices are just under 10.0 percent higher than in the Powerderhorn Community but have risen about 28.0 percent from this time last year.

For those looking for condos, however, the landscape is significantly more affordable than when you include single-family homes in the mix. Lyndale condo prices are $127,500, the same as Powderhorn, significantly less than Minneapolis and have only risen a more modest 8.1 percent over the last year.

 

Locking the right condo into a purchase agreement can be challenging, however. Inventory levels are quite thin, which can pit serious buyers against one another and also suggests that sellers are likely to get (and accept) strong and competitive offers.

Both home prices and rents are rising across the board, though at differing rates depending on location, building and price point. There are still lots of asymmetries when it comes to supply and demand. The key to overcoming any affordability challenges will be maintaining our steady job and wage growth and ensuring home prices rise in line with incomes.

POTW | Nokomis Community

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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.