The Minneapolis real estate market is heating up. High demand, a growing population, and low inventory are starting to create a lot of competition in the Minneapolis-Saint Paul MSA. Savvy real estate investors should consider a Minneapolis investment property before the competition drives home prices up.
Minneapolis is a major city in Minnesota that’s right next to the state capital of Saint Paul. Together they form the “Twin Cities.” Minneapolis is known for its parks, lakes, and cultural landmarks.
Real estate investors can find nearly every property type in Minneapolis’s homes for sale. They include nearly every type of multifamily home, like condos, duplexes, triplexes, and single-family homes. You can also find foreclosures and new homes. Whatever you’re looking for, Minneapolis has it.
The Minneapolis area is home to many great suburbs for investors to consider. They include Bloomington, Brooklyn Park, Edina, Robbinsdale, and St. Paul.
Minneapolis has a robust rental market, with a renter occupancy rate of 52% and a vacancy rate of just 3.8%. This creates a lot of demand for long-term rental properties.
According to Realtor, the median listing price in Minneapolis is $230 per square foot with a median sale price of $339,000. Zillow’s Home Value Index reports a 5.4% change since last year. The median rent in Minneapolis is $1,830 per month.
The Minneapolis rental market offers real estate investors a strong demand and affordability. As a result, a Minneapolis rental property can potentially increase cash flow for real estate investors and property management companies.
Minneapolis is the largest city in Minnesota. It’s even larger than St. Paul, the state’s capital, and growing rapidly. The city saw a 5.6% population growth rate last year. Minneapolis is also the seat of Hennepin County.
Due to its geographic location and size, Minneapolis is the primary business hub between Chicago and Seattle. Minneapolis’s primary industries are advanced manufacturing, life sciences, energy, and agriculture. The largest employers are Target, UnitedHealth Group, and Cargill. The Minneapolis area is also the headquarters of Target, UnitedHealth Group, Best Buy, General Mills, Land O’Lakes, and many other Fortune 1000 companies. These employers provide jobs and stability that fuel the city’s growth and economy. In fact, the unemployment rate is just 2.6%.
The Minneapolis real estate market offers real estate investors affordability, demand, and a stable economy. Whether you’re looking to invest in a residential or multifamily property, these factors provide excellent investment opportunities.