It’s great to see the North Minneapolis housing market in the news. The Star Tribune ran an article on North Side home values using City of Minneapolis Assessor data. We feel compelled to add some context and nuance to the conversation using MLS data. According to that data, rising home prices on the North Side are not a new phenomenon. Since home prices reached their bottom in late 2011, the trendlines below show values rising ever since. For a while, Near North had lower prices than Camden, although there is some evidence that could be changing.
The table below shows annual median sales prices in both North Side communities and also highlights the year-over-year rate of change. The last line summarizes just how much home prices have risen in each community in the cumulative sense between 2011 and 2015YTD. Between 2011 through 2014, the annual rate of change has hovered on either side of +30.0 percent in both communities. For the most part and in the aggregate, Near North shows stronger year-over-year appreciation, but that is off of lower baseline values. The Near North Community was hit harder by the foreclosure and short sale crisis, particularly the Near North, Hawthorne and Jordan neighborhoods. There is also some evidence that the rate of increase is beginning to slow as values continue to recover and eventually normalize.