Local Realtors say that the rampant housing inflation of Minnesota's Twin Cities areas seems to have abated, but housing still continues to climb in the southern suburbs.

Apple Valley

"A perfect place to build equity in a new or existing home or townhome," says Realtor Jon Volimas, "Apple Valley boasts a ton of parks to visit with connecting trailways for the active family. School district #196 serves the Apple Valley area and has an excellent reputation. Apple Valley's business area is centrally located and features many large and small retailers, restaurants and specialty shops."

He adds, "Although we're not seeing the double digit increases of the past few years the market still remains good for homes priced and staged properly for resale. On the lower end, homes and townhomes are moving relatively quickly. Again, not as quickly as the last few years. It's actually a very good time for that first time home seller to think about making a move to increase their equity building position."

Explains Realtor Dodi Olson, "The Twin Cities market is starting to stabilize more now. We have seen rampant inflation of home prices for years now. Finally, some normalcy is returning and property prices are remaining flatter in recent weeks. Interest rates are the lowest they have been in 40 years which means a lot more first-time buyers. The problem is that most of these buyers can only qualify for up to about $180,000 leaving higher priced properties on the market longer."

"Apple Valley still remains one of the strongest real estate markets in the Southern Twin Cities," says Olson. "The average home price in Apple Valley is in the low $200's. Homes in the low $200's are selling significantly faster than those in the $250k range and up. Homes in the $140-$170 range are going in a matter of weeks."

Burnsville

"Burnsville has just about everything," says Olson. "Lots of shopping and restaurants. All of the major brand name chains are here. Located minutes from anything including the Burnsville Mall, Mall of America, and Minneapolis/St.Paul International Airport. Great for first-timers, couples, and small families. Burnsville is one of the most affordable suburbs of the southern Twin Cities Area."

"Overall prices remained steady recently," she adds. "Inventory has risen in the last month, and is at one of the higher points of this summer which is generally good for buyers. The average home price increased slightly in Burnsville to $200,947. Well-maintained homes under $250,000 still sell very quickly. Anything over about $250,000 should expect a longer market time."

Hastings

Hastings is a southeastern suburb of St Paul which was founded in the late 1800's. Located on the Mississippi River, the town is growing but still maintains that small-town personal atmosphere, says Olson.

"Prices in Hastings have remained steady recently," says Olson. "Homes under $250,000 continue to be a hot commodity. The market for homes over $250,000 is markedly slower. The average home price in Hastings increased slightly to $192,442. Home prices in Hastings remain about 5 percent below the other southern Twin Cities suburbs, but with continued growth look for this upward trend to continue."

Rosemount

A smaller suburb apart from the giants, but the fastest growing in terms of projected population growth, Rosemount is home to one of the premier new home developments in Evermoor, says Olson, where nationwide retail and restaurant chains are taking notice and scrambling to get in before the big boom.

"After an off-month, Rosemount has rebounded right back with homes selling at a better than average pace," says Olson. "Prices are back on the way up, and inventory has gone down. All of this signals a slight advantage towards sellers. Homes under $250,000 are still selling quickly; over $250,000 should expect a longer market time. The average home price in Rosemount rose to $223,616."

"If you are considering selling, price it competitively," advises Olson. "Homes that are overpriced are losing interest in a hurry.

Click here to view current Market Conditions in your location.

Published: September 17, 2002

Use of this article without permission is a violation of federal copyright laws.