Home and Duplex Values Rise

Avereage List Price for Minneapolis Duplexes for Sale

You might have heard the news: according to CoreLogic, which provides residential real estate data, released its December report yesterday.

Nationally, home prices, including distressed sales, increased 8.3 percent over December 2011.

That’s the biggest increase since May 2006, and marks 10 consecutive months of increases in national home prices.

If you take distressed sales out of those number, prices were still up 7.5 percent. Traditional home and duplex sellers even saw prices rise on average .9 percent between November and December in 2012.

Phoenix lead the nation with a 22.9 percent spike in values. Only four states posted home price declines: Delaware, Illinois, New Jersey and Pennsylania.

Minnesota ranked 19th in the nation, experiencing a 6 percent single family price increase when including distressed properties, and a 6.4 percent rise when the bank negotiated sales were eliminated from the calculations.

While duplexes, triplexes and fourplexes aren’t calculated as part of the averages, the Twin Cities actually saw a slight decline in median sales prices, with sales falling as a result of continued inventory shortages.

It continues to be a great time to sell.