Minneapolis Market Profile

By Author: Chuck Harris
Total Articles: 81
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Minneapolis-Saint Paul has the largest population of any urban center in Minnesota and is also known as the twin cities. Despite the twin city designation Minneapolis and Saint Paul are actually separate cities. The region is made up of 11 counties with a population of almost 3 million people.

The area operates as one of the prime business centers between Chicago and Seattle. As a major business hub companies large and small continue to thrive. Minneapolis is home to fortune 500 companies such as the Target Corporation, U.S. Bancorp, and Medtronic to name just a few. Minneapolis is an area where businesses big and small continue to prosper.

According to an article published by the Department of Community Planning & Economic Development the Twin Cities were named as the place to do business in the U.S. two years in a row by Marketwatch. The London Financial Times stated in 2008 that "the Cities are lucky to have a robust and diverse business community, unlike many neighboring states, which have historically been dependent on manufacturing and agriculture. But jobs are just a part of it. Government and ...
... business also have invested heavily in educating the local population..."

There are a wide range of educational opportunities for students of all levels. In 2007 and 2008 Minneapolis was acknowledged as one of America's Most Literate Cities with a population above 250,000 by the AMLC. In addition to the University of Minnesota, the city offers 13 other well recognized colleges and universities.

Minneapolis Real Estate offers a wide range of commercial and residential possibilities. The local factors that affect home values in Minneapolis provided by the HomeInsights.com contain a number of interesting figures. For example, the median household income is a respectable $53,315 per year which has increased by 55.30% over the last 2 decades. The median home price is $221,672 and according to realtor.com, at the time of this publication, there were 5,893 properties on the multiple listing service.

Information published by the Minneapolis Area Association of Realtors, a leading association of Minneapolis Realtors, reported that the month of January 2010 saw a 9.6% increase in the number of new listings compared to the same time the previous year. 4,594 properties were listed for sale, 942 property sales closed and an additional 1,294 properties are pending sales. The median sale price for short sales in January 2010 was approximately $143,000, down slightly compared to 2009 stats. Traditional sales

Other local factors that affect home values such as local attractions, amenities, leisure and cultural activities, population growth and even the weather conditions all combine to make Minneapolis a favourable metropolitan area.

Local attractions and amenities are abundant in the area and include several movie theatres, thousands of restaurants, hundreds of bars, golf courses and libraries. Many professional sports teams including the Minnesota Vikings (NFL), Minnesota Twins (MLB) and Minnesota Timberwolves (NBA) call Minneapolis home. Minnesota has something for every sports fan regardless of the sport. There is something for everyone and the weather adds a nice bonus. The area receives less than 30 inches of precipitation annually and according to research by HomeInsights.com the average high temperature in July is 82.90 degrees Fahrenheit. Interestingly, according to weather.com, the highest recorded temperature in the area was 108 degrees Fahrenheit in 1936 and the maximum average precipitation occurs in June.

The Minneapolis Tour Guide posted on virtualtourist.com outlines the Top 10 places to visit while in the area, here are a few highlights:

The Mall of America - although large and expensive (nearly 80 acres), the mall is said to be clean and well organized with an underground aquarium, a miniature golf course, several night clubs and even a Ferris wheel and roller coaster.
Downtown - The Crystal Court in the IDS Tower is described by one visitor as a "unique 'beehive' of tiered glass cells [rising] 121 feet overhead and [acts] as an atrium for an indoor park of trees and benches clustered about a pool for the 105 ft. cascading waterfall."
St. Paul - features such as the Wabasha Street Caves, which offers several types of cave $5 tours; the Como Zoo, a small donation based admission facility with a new Tropical Encounters exhibit, a conservatory, historic carousel and a small amusement park; the Capitol Building, which offers Art Treasure Hunts and Guided Tours; and the Cathedral, which is located in the downtown area and is said to be combined with tours of the Minnesota History Centre, the Science Museum of Minnesota and the Minnesota Museum of Art offer a number of unique experiences.

In addition to the great attractions in the area the residents have also developed a few local customs. They seem to love their parks; grilled corn on the cob; grilled turkey legs; food on a stick, pork chop on a stick is a very popular choice, as well as corn on a stick, corn dogs, ribs on a stick and cotton candy (on a stick of course); and hockey, the state high school hockey tournament is said to a regular sell out and is televised on national television.

Thinking of coming to visit the area? Minneapolis can meet all of your travel needs. The Minneapolis / Saint Paul International Airport has flights leaving daily for 116 domestic locations and 14 international markets. Getting around the city is breeze with fast and reliable light rail and bus services offered by Metro Transit. According to The Minneapolis Tour Guide at virtualtours.com the area even has a new greenway system for both bicycles and pedestrians. This greenway is said to run along an old railway line and runs from "the Mississippi all the way out to the western suburbs of Minneapolis. The majority of the path ... is below street level, so you don't have to worry about cars. "One visitor to the site commented that biking saves the hassle of finding a place to park.

With a skilled and educated workforce, a bustling business sector and an active real estate market it is clear the Minneapolis has something to offer for everyone. Entertainment is abundant and varied for all ages with a wide range of professional sports teams, community groups, theatre and cultural events to enjoy. With all that Minneapolis has to offer it is clear that it is not only a great place to visit but also a fantastic place to call home. You can know more at www.agentsranking.com

About Author:

Chuck Harris is the founder of Agents Ranking; a Minnesota company that helps home buyers and sellers throughout Minnesota connect with the best real estate agent for their particular needs. Agents Ranking provides a unique consulting service free of charge to anyone who wants the best Minnesota REALTOR® possible. You can know more at www.agentsranking.com