The metro area in Minnesota is bearing the brunt of the housing slump. Northwest & West-Central areas are faring better
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The housing slump appears to be affecting the Minneapolis-St. Paul
Metropolitan Area more than other parts of Minnesota, according to a
new report from the Minnesota State Demographic Center.
The study, based on data from the state Department of Revenue, shows
that both median sales price and the number of sales dropped more
within the Twin Cities area than elsewhere in the state between the
first three quarters of 2007 and 2008.
“The Department of Revenue data is a unique resource that
allows us to look at all parts of Minnesota, not just the Twin Cities
area,” said Martha McMurry, a research analyst with the State
Demographic Center. While real estate groups and other organizations
provide information that is more current, they generally provide data
only for large metropolitan areas.
Most regions of the state experienced a decline in the number of
sales, while median sale prices rose in 36 counties and fell in 49
counties between 2007 and 2008. Northwestern and west-central Minnesota
experienced stable or rising prices. By contrast, only Carver County in
the 11 counties of the Minneapolis-St. Paul area experienced rising
prices. Statewide, the median price dropped 5 percent, from $200,790 to
$190,000.
The report, “Minnesota Housing Prices, 2007-2008,” is available online at www.demography.state.mn.us.
Contact: Tom Gillaspy
State Demographer
tom.gillaspy (at) state.mn (dot) us
651/201-2461
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