Bloomington
Duluth
Rochester
Saint Paul
Closing Conducted by: | Title Companies, Lenders, Real Estate Agents, Attorneys |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Non-Judicial |
Process Period: | 2 - 3 months |
Notice of Sale: | Sheriff |
Redemption Period: | 6 Months |
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 |
Closing Cost: | $2,436.00 |
Transfer Fee: | Deed 0.33%; Mortgage 0.23% |
Origination Fee: | $1,836.00 |
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
Carlton (1 in every 2,654)
Meeker (1 in every 2,699)
Chisago (1 in every 2,703)
Stearns (1 in every 3,029)
Pennington (1 in every 3,221)
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
Inventory shortages will drive up prices: As recently as the last quarter of 2019, Minnesota failed to add inventory year-over-year. While most states did their best to increase supply, Minnesota actually lost about 10.7% from November 2018 to November 2019. The state’s median home value increased about 4.4% in that time, and there’s nothing to suggest values won’t keep going up. While the state is expected to increase its available listings, the market won’t be considered balanced for a while. In the meantime, prices will continue to rise as competition remains high.
Foreclosure filings will drop and activity will rise: While Minnesota already has one of the lowest foreclosure rates in the country, economic indicators suggest the state’s growing economy will help homeowners, especially those looking for equity. As the economy expands, it’s fair to assume more homeowners will find ways to get out from underwater. More people will be able to entertain the idea of selling, further increasing inventory levels.
Investors will remain optimistic: There are simply too many reasons for anyone involved in the real estate sector to be optimistic about 2020. Not only has the market come a long way in a relatively short period of time, but underlying fundamentals suggest the Minnesota real estate market will prosper for at least the foreseeable future. Thanks, in large part, to an improved local economy, the housing market is expected to balance out and spark activity. More people will be able to participate in the market, which is great news for everyone.