Home values up, not as much as 2022

The latest estimates of property values in Eden Prairie have single-family homes, as a category, going up 5.6% – much less than the nearly 20% jump in value one year ago.

Why it matters: The annual estimated market value (EMV) notices recently mailed to property owners show how much they might make from a sale, and are also used in calculating property taxes for 2024.

One year ago, the spike in home values was common to many cities because it reflected a housing market where homebuyer demand was far outstripping the supply of homes for sale. Rising interest rates have cooled the housing market; home prices continue to rise, but not as sharply.

City Assessor Jon Thompson said the value changes for 2023, particularly residences, are more in line with historical increases. One reason the price of single-family homes continues to rise, he added, is because Eden Prairie for-sale houses are still in short supply – especially lower-priced homes.

On Friday, he noted a current inventory of 37 Eden Prairie single-family homes for sale, only one of which was listed at below $400,000.

Overall, here’s how the City of Eden Prairie described the 2023 values, by property classification, compared to the 2022 values:

• Single-family detached homes – up 5.6%
• Townhomes – up 4.1%
• Condominiums – up 4.8%
• Multi-family complexes – up 5.2%
• Commercial property – up 4.1%
• Industrial property – up 21.3%
• Commercial/industrial property – up 10.5%

The “industrial” category would include uses such as manufacturing plants or warehouses. “It’s been in demand for some time now,” Thompson said about the local market for industrial properties.

The EMV notices recently mailed to property owners outline steps for appealing valuations, including dates and times for meetings of both the Eden Prairie and Hennepin County boards of appeal and equalization. Go deeper: More information is on the city website’s Assessing and Property Tax page.