Quantcast

South Hennepin News

Wednesday, December 4, 2024

Falling home valuations in Hennepin County in first half of 2023

Realestate077

The median sale price of a home sold in the first half of 2023 in Hennepin County fell by $10,000, while total sales decreased by 50.4%, according to BlockShopper.com.

From January through June of 2023, 4,128 homes were sold in the county, with a median sale price of $365,000. This is a 2.7% decrease from the $375,000 median sale price during the same period in 2022, when there were 8,329 homes sold.

Based on the latest available data from 2021, the median sales tax in Hennepin County was $4,220, which stands at 1.2% of the median home sale price for the first half of 2023.

The U.S. housing market has soared in recent years, with its total value nearing $50 trillion in 2024. This is almost five times greater than the market's value in 2000.

“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” said Redfin Economics Research Lead Chen Zhao.

The following histogram displays changes in median sales prices in Hennepin County from January 2022 to June 2023.

Jan. - June 2022July - Dec. 2022Jan. - June 2023$375,000$375,000$365,000$365,000$365,000$365,000

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS