May 11, 2024 - Real Estate

Home EV chargers are hot commodities in Twin Cities

Bar chart showing the share of EV-friendly home listings on Realtor.com in 2023. San Jose, Calif. led the way with 4.9 percent of listings. San Francisco, Seattle, Los Angeles, Oxnard, Calif., San Diego, Riverside, Calif., Honolulu and Austin rounded out the rest of top metros.
Data: Realtor.com, Cox Automotive; Note: Among 100 biggest metro areas; Chart: Axios Visuals

Electric vehicle chargers can be a rare find among houses for sale in the Twin Cities, according to a new report.

Why it matters: Homes with EV chargers could hold greater resale value as more car buyers make the switch, Realtor.com chief economist Danielle Hale says.

While EV sales are rising, they still represented just 5.4% of all new car purchases in Minnesota in 2022.

The big picture: A small but growing share (0.9%) of U.S. homes listed on Realtor.com in 2023 were described as EV-friendly, up from 0.1% five years earlier, according to the company's and Cox Automotive's report.

Driving the upgrades: Home chargers are often more convenient than public ones, and faster than charging cables that come with most EVs.

What they're saying: California transplant Jeff Glover says at-home charging is so essential that he promptly installed a charger when he moved to Lake Elmo.

  • "None of the homes I viewed had one," says Glover, who tells Axios the charger at his old house was a valuable selling point.

Catch up quick: Several Minnesota companies offer incentives for home chargers, including installation rebates and discounted charging costs, per the U.S. Department of Energy. (There's also a federal tax credit.)

  • The average installation costs over $2,000 in Minneapolis, per HomeAdvisor.

What's next: A charging station setup could be required in certain newly built homes, under a bill working its way through the state Legislature.

  • At least one city — St. Paul — has already passed requirements that will require some new multi-family buildings to include the electrical wiring needed for EV chargers.

Note: Cox Automotive's parent company, Cox Enterprises, also owns Axios.

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