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.
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.