The Minneapolis apartments that are the hottest real estate market in the nation may be in a position to pay off for buyers with a big down payment.
The median price of a one-bedroom unit in Minneapolis apartments is $203,900, according to data from the National Association of Realtors.
That’s down 4% from the $203.9 million median price last year.
The median price also is a big jump from the last time that median prices were reported in February 2018.
That price was $179,800.
The last time median prices increased was February 2017.
The biggest selling points for buyers looking to buy in the Minneapolis area are affordability and close proximity to the Twin Cities metro area.
That said, there are still some attractive offers available.
The average asking price for a one bedroom apartment in Minneapolis is $216,700.
That means the median price is $168,700 lower than the year ago price.
The new median price will also drop from $220,000 to $214,000.
That will be a big drop for buyers.
The next most expensive one bedroom unit in the city is in Silver Creek apartments.
The home in St. Paul, Minnesota, sold in July for $259,900.
The two largest one-bedrooms in the Twin States are in Silver Lake apartments, which are located in Minneapolis and St. Cloud, Minnesota.
Silver Lake houses about 4,000 people, including about 462 people who live in its condominiums.
The Twin Cities also has the largest number of one bedroom apartments in the country.
Silver Lake rents for $1,250 a month.
St. Peter apartments rent for $749 a month, and St Paul apartments rent $1.2 million.
The next two most expensive apartments are in Cedar Lake apartments in Minneapolis, which rents for about $2,000 a month and rents for a little over $1 million.
The Twin Cities average monthly rent for a studio apartment in St Paul is $1 of $5,400.
That is down from $1 a month a year ago.
It’s also down from about $1 more than two years ago.
The other big drop is in Twin City condos, which average $1 to $2 million a month in rent.
The average monthly rental price in Minneapolis for a two-bedroom apartment is $2.25, down from nearly $2 a year earlier.
That number is $800 less than two months ago.