As reported in the New York Times, the Minneapolis real estate market has seen more price cuts for non-foreclosure listings than any market found in the 50 most populated cities in the United States. Forty three percent of homes in Minneapolis have had their price cut at least once since first going on the market, compared to the national average of 26%.
Here are some Minneapolis real estate listings that were posted on the Northstar Regional MLS within the last 7 days:
View ALL Minneapolis real estate listings that are currently available.
Does this mean that the Minneapolis real estate market is the worst in the nation?
Not at all. In fact Detroit, one of the worst markets for home sellers, had the lowest number of price cuts of any of the 50 cities that were included in the study.
Minneapolis and other midwestern cities did not see the hyperinflation on home prices that occured in other markets, especially those in the Southwest, of which Phoenix is the most notable. As a result, Minneapolis home owners may have had unrealistic expectations about pricing, and needed to adjust prices after listing too high. The unrealistic notions about price caused many homes to go on the market with unreasonable original listing prices.