01 Jan 2015 Real Estate Market
The 2015 Real Estate Market is looking bright in Minnesota. Here are three reasons to look forward to the market this year.
The economy booms when there are jobs and Minnesota has the fifth lowest unemployment rate in the United States. The national average unemployment rate is 5.8 but Minnesota is sitting pretty with a 3.7 unemployment rate as of November 2014. Having a reliable job is often on peoples list of “Things to do before buying a house.” On top of that plentiful jobs will draw people especially the Millennial Generation to Minnesota and all those people will need a place to live.
The Millennial Generation, also known as Generation Y, refers to people born between 1980 and 2000. These 25-30 year olds will be entering the market looking for their first homes. According to Forbes Minneapolis is one of the top ten cities for Millennials. Major draws include; the job market, great schools, parks and recreation, laid back but still exciting city life, and of course the Minnesota nice atmosphere!
For more information about Dakota County parks and recreation, read our blog post!
Perhaps the biggest factor that we will see this year is the effect of our rebounding economy. There are many predictions about the 2015 economy but some that stand out the most are that wages are expected to grow after years of stagnation and there is a projected 3% economic growth to look forward to. Jeffery Bartash has a great article that highlights these as well as a couple other economy predictions.
Overall the 2015 Real Estate Market in Minnesota holds exciting promise and the Selling South of the River team is here to help guide you and answer any questions you may have.
Call Sheryl Petrashek at 612-889-6496 or email at [email protected].