Minnesota Real Estate Market Trends & Analysis
Despite hosting some of the countries most inhospitable winters, the Minnesota real estate market is currently the epicenter of investor attention. In fact, few states piqued investor interest more so than Minnesota earlier this year. Thanks, in large part, to the Twin Cities (St. Paul and Minneapolis), real estate in Minnesota has become something of a commodity.
As the home of several Fortune 500 companies—Target, Best Buy, General Mills, 3M, UnitedHealth—Minnesota benefits greatly from an incredibly strong economy. Minneapolis and St. Paul, in particular, have both the second-lowest unemployment rate and second-highest job openings per person among the top 50 metros. Strong economic indicators, in association with affordable housing, have facilitated a healthy housing market that looks to be able to benefit everyone for the foreseeable future.
As the home of several Fortune 500 companies—Target, Best Buy, General Mills, 3M, UnitedHealth—Minnesota benefits greatly from an incredibly strong economy. Minneapolis and St. Paul, in particular, have both the second-lowest unemployment rate and second-highest job openings per person among the top 50 metros. Strong economic indicators, in association with affordable housing, have facilitated a healthy housing market that looks to be able to benefit everyone for the foreseeable future.
Minnesota Real Estate Fees & Regulations
Real Estate
| Closing Conducted by: | Title Companies, Lenders, Real Estate Agents, Attorneys |
| Conveyance: | Warranty Deed |
Foreclosure Procedure
| Primary Foreclosure Method: | Non-Judicial |
| Process Period: | 2 - 3 months |
| Notice of Sale: | Sheriff |
| Redemption Period: | 6 Months |
Taxes
| Income Tax: | 5.35% - 9.85% |
| Corporate Tax: | 9.80% |
| Sales Tax: | 6.88% |
| Estate Tax: | 13% - 16% |
| Inheritance Tax: | No |
| Median Property Tax: | 1.05% |
| Property Taxes by County: | http://www.tax-rates.org/minnesota/property-tax#Counties |
Average Transactional Costs
| Closing Cost: | $2,436.00 |
| Transfer Fee: | Deed 0.33%; Mortgage 0.23% |
| Origination Fee: | $1,836.00 |
Overview
- Median Home Value: $238,800
- 1-Year Appreciation Rate: +5.0%
- Median Home Value (1-Year Forecast): +2.4%
- Median Rent Price: $1,600
- Price-To-Rent Ratio: 12.43
- Average Days On Market: 62
- Unemployment Rate: 3.3% (latest estimate by the Bureau Of Labor Statistics)
- Population: 5,611,179 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $65,699 (latest estimate by the U.S. Census Bureau)
- Percentage Of Vacant Homes: 10.40%
- Foreclosure Rate: 1 in every 5,997
Minnesota Foreclosure Trends & Statistics
Tax Lien Investing
- Tax Lien or Deed: Tax Deed State (used to be Tax lien State)
- Interest Rate: Now no interest anymore because of switch to Tax Deed State)
- Redemption Period:1 Year