According to a new real estate report, Red Wing is the most expensive Minnesota housing market, and Owatonna is the least expensive; with an average listing price of $329,782 for a four-bedroom, two-bathroom home, St. Louis Park is the most-expensive market within the Twin Cities metro area.
Coldwell Banker Real Estate, LLC, compiled the average listing prices for four-bedroom, two-bathroom homes in more than 2,300 North American markets—including various Minnesota cities.
The results are likely to surprise you: The most expensive market in the state is Red Wing, where a home of that size costs about $348,493. By contrast, the least expensive market is Owatonna, where an equally-sized home costs an average of $146,652—about 58 percent less than in Red Wing.
Coldwell Banker’s report shows that St. Louis Park—with an average listing price of $329,782—is the third-most expensive market in Minnesota and the most-expensive market within the Twin Cities metro area. (Alexandria ranks second behind Red Wing with a $341,268 average price tag.)
Here are some other metro-area cities—along with the average price of a four-bedroom, two-bathroom home in each:
• Minnetonka: $284,263
• Golden Valley: $278,464
• Plymouth: $246,573
• Eden Prairie: $244,337
• Maple Grove: $230,885
• Minneapolis: $221,236
• Richfield: $216,154
• Burnsville: $213,498
• Apple Valley: $210,655
• Roseville: $207,668
• Blaine: $205,720
• Bloomington: $205,275
• Eagan: $196,411
• St. Paul: $168,020
To see the full list of Minnesota prices, click here.
Nationally, the most expensive market is Newport Beach, California, where the average listing price for a four-bedroom, two-bathroom home is $2.54 million, according to the report. The least expensive market is Niagara Falls, New York, where the same type of home sells for about $60,820. In terms of the Midwest, Minnesota’s southern neighbor, Iowa, has the 10th-most affordable housing market—Sioux City, where the average listing price is $80,152.
The figures in the report represent average home prices listed in each market on coldwellbanker.com between September 2010 and March 2011. The U.S. average for all 2,300-plus surveyed listings was approximately $293,000.
To see a list of the most and least expensive housing markets in each state and nationally, click here.
Parsippany, New Jersey-based Coldwell Banker provides residential and commercial real estate services in 49 countries and territories.
—Christa Meland
(cmeland@tcbmag.com)