Brian Emerson

Senior Loan Officer

NMLS: 400942

(612)203-5478

bemerson@edgehomefinance.com

Edina Market Update - July 2018

Edina Mortgage - Market Update July 2018

Edina Market Update – July 2018

Congratulations on making the decision to become a homeowner. There are a lot of added benefits in owning a home such as tax deductions, more privacy, and artistic freedom. But before you can start reaping these benefits, it is important to be familiar with the residential market and know when the best time to buy is.

Familiarizing yourself with the housing market and comparing housing prices over the past few years can help you get a better understanding of where the market might head. So to help you get started, your local mortgage lender in Edina, Brian Emerson with Edge Homes Finance, has listed the current market update for Edina, Minnesota.

Median Listing Price

The median listing price in Edina, Minnesota has been increasing at a steady rate over the past three years. In regards to realtor.com, the median listing price in June 2015 was $399,000 and increased 6.5% the following year to $424,950. By June 2017, the median listing price was $440,000, which is a 3.5% increase from 2016. The current median listing price is $450,000, which is a 2.3% increase from the previous year, and a 12.8% increase over the past three years. This consistent rise in listing price suggests that in the near future, homes are going to become more expensive. Therefore, if you are looking for an Edina mortgage, now would be the best time before the rates increase.

Median Price Per Square Foot

Over the past three years, the median price per square foot has mirrored the same trends as the listing price. In June 2015, the square footage price was $184 and rose to $195 the next year. By June 2017, the price was $202 per square foot and rose again to $209 by 2018. This suggests that homes in Edina are becoming more valuable.

Median Days On Market

Homes are selling at a faster rate now than they were over the past three years. In June 2015, the median amount of time homes were on the market for was 58 days, and by June 2016 and 2017, the time increased to 60 days. But by 2018, the price dropped to 55 days. Therefore, if you are looking to buy a home, contact your local mortgage lender in Edina now before your dream home comes off the market.

Contact Us

For more information on the current market update in Edina, please contact Brian Emerson with Edge Homes Finance at 612-203-5478.

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