For Sale by Owner – Minnesota

Minnesota was the 32nd territory to become a state in the country. With large cities and open rural areas, homes for sale by owner in Minnesota are diverse.

For Sale by Owner – Minnesota

Over five million people live in Minnesota, most living in and around the Twin City area. The Twin Cities area is a large metropolitan area referring to the geographically close cities of Minneapolis and St. Paul.

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Minneapolis is the largest city in Minnesota. St. Paul is the second largest and also the capital of Minnesota. The cities are so close, their downtown areas are only 10 miles apart. With a significant population migration to the Twin Cities, suburbs have made it difficult to distinguish between the two cities. With population expected to grow by 25 percent over the next few years, the distinction is expected to continue to fade.

With the dense population and continued immigration to the area, the real estate market in Minnesota can best be described as squeezed. Demand is solid and will continue to grow as more people move into the area from other states.

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As you might imagine, prices for homes for sale by owner in Minnesota are highly dependent upon the specific location of the real estate. You will spend $380,000 on average for a single-family home in the Twin Cities, but prices vary greatly on the specific neighborhood you are looking in. Appreciation rates range from eight to nine percent, again being location dependent.

Outside of the Twin Cities, prices drop dramatically for homes for sale by owner in Minnesota. Homes in rural locations can be half the cost of the Twin Cities. Even smaller cities like Duluth carry average home prices of $210,000, a serious discount.

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