Feb 9, 2023 - Real Estate

Where home prices in the Twin Cities are rising most, falling fastest

Illustration of an upward pointing arrow made from the top of a house

Illustration: Annelise Capossela/Axios

Median sales prices for homes in the Twin Cities were up 6.7% in 2022. But some cities saw bigger increases than others.

Driving the news: The Minneapolis Area Association of Realtors published its annual report in January, which provides a look at what happened in the housing market in 2022.

The big picture: Home prices rose in the metro, but not as fast as they did in 2020 and 2021.

By the numbers: We crunched the data to see which suburbs had the fastest growing sales prices and which saw declines.

  • Of note: We removed cities with less than 100 home sales in 2022.

Where median sales prices rose fastest

  • Jordan: 26.7%, from $367,100 to $465,000
  • Somerset, Wis.: 23.3%, from $300,000 to $370,000
  • Vadnais Heights: 20%, from $300,000 to $360,000
  • Delano: 18.6%, from $375,000 to $444,825
  • Victoria: 17.8%, from $526,250 to $619,950

Where median sales declined most

  • Little Canada: -11% from $326,000 to $290,000
  • Mahtomedi: -3.8% from $427,250 to $411,000
  • Shorewood: -2.5% from $779,250 to $760,000
  • Mendota Heights: -0.8% from $499,000 to $494,900
  • Roseville: -0.7% from $332,250 to $330,00

Between the lines: Minneapolis home prices were up 1.6% and St. Paul's were up 4.2%. We wrote about some of the reasons urban home prices trailed the rest of the metro last week.

avatar

Get more local stories in your inbox with Axios Twin Cities.

🌱

Support local journalism by becoming a member.

Learn more

More Twin Cities stories

Twin Citiespostcard

Get a free daily digest of the most important news in your backyard with Axios Twin Cities.

🌱

Support local journalism by becoming a member.

Learn more