Edina is a beautiful place to live, with some of the most sought-after real estate in Minnesota. From expansive apartments and condos to sprawling estates and single-family homes, you’ll be living a life of luxury if you decide to settle down in this Minneapolis suburb. So is 2017 is the year to buy property in Edina? Let’s find out!
Median Home and Rent Price
Edina is home to affluent neighborhoods. If you want to purchase a house in Edina in 2017, you’re looking at a $509,500 median price tag, according to data from Trulia, and $306 per square foot. Median rent price is also more pricey than other suburbs, with a per month cost of $2,450.
Home Appreciation Values
Trends in Edina show a 5 percent year-over-year rise in median sales price and a 7 percent rise in median rent per month.
Edina home values have gone up 6.5 percent since 2016 and are predicted to rise another 2 percent within the next year. It’s a buyers market, which is good news for those shoppers looking for a home in the area. Plus, if trends continue, you’re almost guaranteed to get a large return on your investment when you decide to sell sometime down the road.
The lowest point in Edina home values was in February of 2012 when the median home value dipped to $309,000. With the current home values, that’s a change of over 60 percent in only five years.
Median Property Tax
The exact property tax levied on you will depend on the county in Minnesota your property is located in. The median property tax for Edina, located in Hennepin County, is $2,831, roughly equal to 3.45 percent of a resident’s yearly income. Unfortunately, the county of Hennepin has one of the highest median property taxes in the United States, and is ranked 191st of the 3143 counties nationally in property tax costs.
Home prices aren’t the only thing you should consider when purchasing a home – the lifestyle that the city supplies should also be a key consideration. Edina offers a ton of opportunities for families to grow and thrive.
- Transportation – Edina is car dependent, with most errands requiring a vehicle. Public transportation comes in the form of sparse bus lines. If you don’t have a car, you may be calling up an Uber quite often.
- Education systems – The education systems in Edina are some of the best in the state of Minnesota, and are consistently ranked as some of the top in the country. Edina Senior High School, which serves grades 10-12, consistently receives a 10/10 rating every year.
- Crime rates – In terms of violent offenses, Edina has a rate that is 84 percent lower than the Minnesota average and 89 percent lower than the entire United States. In crimes involving property, Edina is 14 percent lower than Minnesota’s mean, and 23 percent lower than the country’s average. Overall, it’s one of the safest suburbs of Minneapolis.
- Demographics – The average citizen in Edina is aged 45 with a $104,000 median household income. 28 percent of residents are single, 92 percent are homeowners and 74 percent are college educated.
Should Edina be Your New Home?
Now that you know more about Edina real estate trends for 2017, you can make the decision of whether or not it’s the place you want to call home. The choice will depend entirely on your budget and desire to move, however, purchasing a home in Edina can be a valuable investment, with home prices traditionally raising year-over-year.
Not only will you purchase a valuable piece of property, you’ll do so in a highly desirable area. Whether you’re searching for an expansive home to raise your family, a simple yet attractive condo to start retirement, or a luxury apartment to hang your hat, Edina is a wonderful place to live in 2017. Best of luck with your house hunt!
Contact AD Hays Today!
If you have any questions about homes, condos or apartments in Edina, contact AD Hays today. We’re the area’s premier name in real estate. Get in touch with us to find out how we can help meet your home buying goals.