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| Admitted to U.S.: |
May 11, 1858 |
| Capital: |
Saint Paul |
| Population: |
4,973,000 |
| Nickname: |
North Star State |
| State Bird: |
Common Loon |
| State Flower: |
Pink and White Lady's-Slipper |
| State Tree: |
Red Pine |
Minnesota Real Estate Summary
The Minnesota real estate market is slowing down after a three-year high. The overall numbers statewide show a leveling off of prices and new construction rates. The economy remains solid and the unemployment rate is below the national average. New jobs are being created in many industries, including manufacturing, processing and retail. Even so, the Minnesota relocation numbers have slowed down in recent years too.
Overall, housing prices are still up 5% statewide. The Rochester real estate market is in a decline. Houses are sitting for sale for 120 days and longer. When they do sell, it is for 90% of asking price. The average sale price is near $200,000, which is consistent with last year´s prices.
In the St. Paul suburb Woodbury, real estate is in demand. There are many more buyers than sellers, but the buyers are picky. They are taking their time looking for the best bargain when purchasing Minnesota homes. Houses are still on the market for 60-90 days and getting only 95% of asking price. The average sale price is $240,000, which is up 5% from the year 2005.
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