MADISON, NJ - A new report by a leading real estate company lays out the most expensive, and most affordable cities to buy a home in the Twin Cities.
The Coldwell Banker Home Listing Report ranks more than 2,000 markets across the U.S. based on the affordability of the average listing price of a four-bedroom, 2-bath home in each area. Minnesota ranks as the sixth most expensive state in the country to buy a home, with an average listing price of $458,483.
Here are the top five most expensive cities, and the five most affordable, in order.
- Edina - $956,547 average listing price
- Orono - $937,300 average listing price
- Independence - $740,488
- Medina - $696,470
- North Oaks - $667,808
- Owatonna - $179,018 average listing price
- Mankato - $214,480 average listing price
- Moorhead - $228,706 average listing price
- Albert Lea - $235,570 average listing price
- Andover - $272,740 average listing price
The full national report can be found here.
As for the most expensive cities, Matt Baker, Senior Vice-President of Coldwell Banker Burnet, in Minneapolis, says Edina beat out Orono for the top spot this year. He said he was surprised to see Edina near the $1 million mark.
"We are seeing a lower supply market this year than last year and historically when there are fewer homes for sale prices will increase," said Baker.
As for the most affordable cities, Andover is the only place in the top five in the Twin Cities metro area, according to the report.
Long-time realtor Jeff Firnstahl, of Keller Williams, said the market has steadily grown there for decades.
"You got people who can get acreage and you can have people who have more of a city-sized lot so it offers a diverse lifestyle," said Firnstahl.
He also says people are interested in Andover because of the schools, community and the 30-minute drive to downtown Minneapolis, which makes it attractive to commuters.