Real estate really is local

I read the national news and I get national real estate numbers on a regular basis. All too often people form their opinions about what is going on in the housing market by what they hear and see on the national news.

On a local level each city, neighborhood, and housing style is unique. I took a look at average home sales prices over the last five years and appreciation isn’t the same everywhere.

home sale prices over the last five years

Houses in St. Paul have gone up 28% in the last five years. They have gone up by 23% in Minneapolis and 29% in Bloomington. Prices have risen 41% in West St. Paul and 21% in Roseville over the same period. Prices went up 33% in Woodbury and 27% in Eagan. Prices in Lindstrom went up an average of 44%.

Houses have gotten more expensive and that is a true statement but national averages and even regional and state averages can be misleading.

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