Eden Prairie has been recognized as one of the best cities to live in, and homebuyers are certainly taking notice.
People of all ages are moving to this area not only because of its proximity to Minneapolis but because it is also a complete city.
According to the website Niche, Eden Prairie ranks No. 1 as the best suburb to live in Minnesota for 2021. It’s home to exemplary schools, parks, and opportunities. Residents who move here get welcomed into a diverse and flourishing community.
But buying in Eden Prairie may mean entering a crazy real estate market, and the pandemic adds to this uptick.
The market slowed during the lockdown, according to the U.S. Census Bureau. But, as restrictions lifted, people were on the move at a record pace.
What makes Eden Prairie a natural destination city? The need to work from home during the pandemic, thus increasing the need for more space, historically low-interest rates, and the desire for a more suburban experience.
Mayor Ron Case said the city has been for decades in the top tier of best places to move to for all life stages.
“But over the last several years, with our reputation of quality for services, excellent schools, a best-in-class park and trail system, and one of safest communities around, we have risen to the top as a premier place to live, work, and raise a family,” Case said.
The city’s 2020 quality of life survey shows that 93% of Eden Prairie residents consider the city experience well above average.
The uptick is evidenced by local housing market statistics from the Minneapolis Association of Realtors. Statistics show that 2021 experienced a spike in tell-tale indicators. Comparative to 2020, last year’s rolling average (2021) for new listings was up 12.6%, and sales jumped 17%. Price per square footage also increased from $167 to $188. The only category that declined was the average days a listing was on the market, falling from 48 days to 25. Much to the buyer’s dismay, this is another indication of a strong seller’s market.
This market continues to be challenging for homebuyers, and strategies need to be reassessed. The strong buyer in today’s market needs to be 100% prepared and very strategic in their search.
Those strategies include strong offers, a killer real estate agent, a mortgage preapproval letter in hand, and the first one to be at the door of a new listing.
Home prices are projected to continue their upward trajectory in 2022. Many sellers can expect to have multiple offers on their properties if they list in this market.
As is always the case, market conditions will change, especially with the Federal Reserve’s recent announcement of expected interest rate hikes in March. While values are predicted to grow, what impact these changes will have is unknown.
This type of real estate market means that buyers and sellers must act quickly and decisively to accomplish their goals. It’s a hot market, and conditions could change rapidly.
EPLN contributor Kelley Regan is a long-time Eden Prairie resident and has been a real estate agent for over 25 years with Keller Williams Realty.