Edina Local Market Update - November 2023

Welcome to the Edina Real Estate Market Report lets take a look at the most recent data coming out of the Minneapolis association of Realtors. This data is is comprised of all activity on the MLS for the Month of November. This data is good indicator of overall activity and the complete report has data from this November and last compared side by side. 

Edina is a 1st Ring suburb of the city of Minneapolis, as the name implies Edina and Minneapolis share a border. Data from the 2020 census put the city population at plus 50,000 people. The land mass of Edina covers at-least 16 square miles 95% of that is developed. 

For the month of November there was 49 total sales in the City of Edina, the average sales price was $835,837 with the median sales price of $575,000. November of 2022 the total sales was 45 and the Average/Median was $745,080 & $475,000 respectively. Two things could be happening here, my guess is there was probably a few really big sales that pushed the average price up 12% and the median up 21%. 

This is really great news for sellers contemplating selling last year, even with the pressure of increased rates we are still seeing very healthy appreciation in the city overall. I expect the same if not stronger appreciation if rates keep trending down. 

A quick google search on todays Average mortgage rates I find this from Bankrate:

“On Wednesday, January 10, 2024, the national average 30-year fixed mortgage APR is 7.12%. The average 30-year fixed refinance APR is 7.30%, according to Bankrate's latest survey of the nation's largest mortgage lenders.”

Overall this is very good news for the city of Edina as increased prices as well as in increase of the tax rate is bringing more cash into the city's coffers.

Another interesting move in the Edina housing market is the negotiated price, this most recent November sellers got 97% of the listed price and this is an increase from 2022 when sellers recieved 95% of the listed price at closing.

If you are a homeowner considering selling in the coming Year this is all great news, every trackable figure is pointing upwards for the Home Owners in the City of Edina.

Thanks for checking out todays Edina Market Report, I expect December Results to get posted around the 20th of January so be sure to check back to get the most recent data by signing up to receive to Edina Market Report.

Justin