Eden Prairie real estate market is booming
Eden Prairie has been recognized as one of the best cities to live in, and home buyers are certainly taking notice.
People of all ages move to this area, not only because of its proximity to Minneapolis, but also because it is a complete city.
According to the website Niche, Eden Prairie ranks first among the best suburbs to live in Minnesota in 2021. It is home to exemplary schools, parks, and opportunity. Residents who move here are welcomed into a diverse and thriving community.
But buying in Eden Prairie can mean stepping into a crazy real estate market, and the pandemic is adding to that upside.
The market has slowed during the confinement, according to the United States Census Bureau. But, as restrictions were lifted, people were moving at a record pace.
What makes Eden Prairie a nature destination? The need to work from home during the pandemic, increasing the need for more space, historically low interest rates and the desire for a more suburban experience.
Mayor Ron Case said the city has for decades been among the best places to move to at all stages of life.
“But over the past few years, with our reputation for quality service, great schools, a top-notch park and trail system, and one of the safest communities, we’ve risen to the top as a first place to live, work and raise a family,” Case said.
The year 2020 of the city quality of life survey shows that 93% of Eden Prairie residents rate the city experience as well above average.
The increase is evidenced by the housing market statistics of the Minneapolis Association of Realtors. Statistics show that 2021 saw a spike in telltale indicators. Compared to 2020, last year’s (2021) rolling average for new listings increased 12.6% and sales jumped 17%. The price per square foot also increased from $167 to $188. The only category that decreased was the average number of days a listing was on the market, down from 48 days to 25. Much to the buyer’s dismay, this is another indication of a strong seller’s market.
This market continues to be difficult for homebuyers and strategies need to be reassessed. The strong buyer in today’s market must be 100% prepared and very strategic in their search.
These strategies include strong offers, a killer real estate agent, a mortgage pre-approval letter in hand, and the first to be in the door for a new listing.
Home prices are expected to continue their upward trajectory in 2022. Many sellers can expect to have multiple offers on their properties if they enter this market.
As is always the case, market conditions will change, especially with the of the Federal Reserve the recent announcement of interest rate hikes scheduled for March. While the values are expected to increase, the impact of these changes is unknown.
This type of real estate market means buyers and sellers must act quickly and decisively to achieve their goals. This is a hot market and conditions could change quickly.
EPLN Contributor Kelley Regan is a longtime resident of Eden Prairie and has been a realtor for over 25 years with Keller Williams Realty.
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