The prices in real estate in Minneapolis, in the Minnesota region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Minneapolis has had a strong decrease during the last 6 months. In February, the average price per sq.feet was $779. In the following month the price per sq.feet decreased considerably to $636. The price for the following two months in (April, May) had a considerable decrease of 54 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 42 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $543.75 to $229 during June, and July.
Based upon to the price in Minneapolis (cities), this has fallen considerably in the last 6 months. The average price for February is $645,435. During March the price had a slight fall till $582,463. During the following two months (April, May) the average price had a considerable reduction of 79 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from $550,664.25 to $403,233, which means a 73 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $418,517 they are 45 % more affordable than the average price for Minneapolis. The properties with the highest average price have 4 bedrooms, Their price is 29 % more costly than the average. After that we have properties with 2 bedrooms priced at $357,478.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $222 / sq.feet, with an average $227 / sq.feet price in Minneapolis. The properties with the highest average prices have 1 bedroom. They are 33 % more expensive than the average followed by properties with 2 bedrooms with a price at $279 / sq.feet.
The graph displaying the average prices displays the property type "House" as the most affordable one. At an cost of $418,517 it is 27 % cheaper than the average price in Minneapolis. "Duplex" is seen as the second most affordable property type. The dearest property type is "Condo" followed by "Land". At a price of $453,088 it is 9 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Duplex" at an average cost of $191 / sq.feet followed by "Land" priced at $537 / sq.feet. "House" is the most costly type of property with a $1,045 / sq.feet cost followed by "Condo" with an average price of $542 / sq.feet.