Minneapolis/St. Paul/Bloomington, Wisconsin featured in the top 10 list of hottest markets in Pro Teck Sevices’ Housing Market Report for the first time. In its monthly housing value forecast, Pro Teck took a closer look at some of the activities in the single-family home markets in the top 200 metropolitan areas (CBSAs) in the U.S.
Quoting other sources, the report stated that Minnesota was ranked at #3 and #5 best state to live in by CNBC and 24/7 Wall Street, respectively. The rankings are based on key indicators such as poverty rates, life expectancy, population growth, unemployment rates, education, crime rates and quality of life.
Factoring in these indicators, the report revealed that Minnesota recorded the highest high school graduation rate at 93.1 percent. The state also reflected the largest share of the population with post-secondary education at 74.4 percent.
According to the report, Minnesota has added 37,000 jobs over the last year and recorded employment rates at 2.8 percent. It also pointed out a steady growth in the state’s population at 7.3 percent.
The reports noted significant improvements in the Twin Cities’ markets over the past two years. The home prices in Minneapolis/St. Paul is up by 16 percent from pre-recession levels, the report found.
Minneapolis metro is a strong seller’s market with more and more people looking to put down roots in such a favorable location. The month’s remaining inventory is at a mere 2.47. The active days on market for the metro is at just 50 days—the lowest number recorded by Pro Teck in its top 10 rankings. The number of listings saw a decline by 16 percent this month and is projected to continue, the report said.
Read the full report here.