Local Market Conditions & home prices

Survey of Minnesota Home Buyers

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Minnesota tudor

As a Realtor® I am always interested in knowing more about home buyers.  Home sellers should be interested too.  Real estate is local and here are some interesting numbers about Minnesota home buyers and some comparisons to national trends: 

Characteristics of Minnesota Home Buyers

  • 41% of recent home buyers were first-time buyers in Minnesota, compared to a national level of 39%, which is a slight rise from 2011.

  • The typical buyer in Minnesota was 37 years old, while nationally the typical buyer was 42 years old, a modest decrease from 45 in 2011.

  • The 2011 median household income of buyers was $80,600 in Minnesota and $78,600 nationally. The median income was $57,000 among first-time buyers and $96,800 among repeat buyers, compared to $61,800 among first-time buyers and $93,100 among repeat buyers nationally.

  • Nationally, 65% of recent home buyers were married couples—the highest share since 2001. In Minnesota, the figure was 58%. 16% of recent home buyers were single females nationally—the lowest share since2001; 19% were single females in Minnesota.

  • For 30% of recent home buyers nationally, the primary reason for the recent home purchase was a desire to own a home. In Minnesota, this was the primary reason for 27% of recent home buyers.

    Characteristics of Homes Purchased

  • New home purchases continue to drag at a share of 16% of all recent home purchases on a national level. This is reflective of conditions in Minnesota, where 10% of homes were new.

  • 73% of home buyers purchased a detached single-family home in Minnesota, compared to 79% of home buyers nationally.

  • The quality of the neighborhood, convenience to job, and overall affordability of homes are the top three factors influencing neighborhood choice; however, neighborhood choice varies considerably among household compositions.

  • When considering the purchase of a home, heating and cooling costs were at least somewhat important to 87% of buyers and commuting costs were considered at least somewhat important by 76% of buyers nationally, compared to 85% and 79% of buyers in Minnesota respectively.

These numbers come from the Minnesota Association of Realtors, who apparently got them from the National Association of Realtors so for now we will assume they are accurate

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2 comments on “Survey of Minnesota Home Buyers
  1. Andy says:

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Realtor®, MN,
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Saint Paul Home Realty
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