It goes without saying that the coronavirus pandemic sparked a wave of uncertainty across myriad industries, and no other market has quite felt its impact like that of real estate.
The pandemic became a driving force behind the continued real estate boom, with high demand for vacation homes and a limited supply of housing that prompted buyers and investors to bid up prices for affordable properties, causing home prices to skyrocket. Since then, increasing mortgage rates have slowed growth, with prices even declining in some places. But some areas are still seeing price jumps compared to the year before.
compiled a list of cities with the fastest-growing home prices in the Minneapolis-St. Paul-Bloomington, MN-WI metro area using data from . Cities are ranked by 1-year price change as of May 2023. The typical home value in the United States increased over the last year by 0.9% to $346,856. Data was available for 207 cities and towns in Minneapolis.
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#30. Ellsworth, WI
- 1-year price change: +$7,069 (+2.5%)
- 5-year price change: +$101,329 (+53.2%)
- Typical home value: $291,754 (#189 most expensive city in metro)
#29. Bay City, WI
- 1-year price change: +$7,926 (+3.0%)
- 5-year price change: +$99,125 (+56.9%)
- Typical home value: $273,420 (#196 most expensive city in metro)
#28. Lakeland, MN
- 1-year price change: +$8,303 (+2.2%)
- 5-year price change: +$82,123 (+26.7%)
- Typical home value: $390,044 (#77 most expensive city in metro)
#27. Minnetrista, MN
- 1-year price change: +$8,760 (+1.3%)
- 5-year price change: +$200,764 (+42.6%)
- Typical home value: $672,177 (#17 most expensive city in metro)
#25. Deephaven, MN
- 1-year price change: +$9,610 (+1.0%)
- 5-year price change: +$270,591 (+40.5%)
- Typical home value: $939,454 (#7 most expensive city in metro)
#24. Elysian, MN
- 1-year price change: +$9,663 (+2.6%)
- 5-year price change: +$125,721 (+49.8%)
- Typical home value: $378,368 (#89 most expensive city in metro)
#23. Wahkon, MN
- 1-year price change: +$9,685 (+4.0%)
- 5-year price change: +$85,492 (+51.1%)
- Typical home value: $252,947 (#203 most expensive city in metro)
#22. Shorewood, MN
- 1-year price change: +$10,729 (+1.5%)
- 5-year price change: +$191,706 (+36.0%)
- Typical home value: $723,780 (#13 most expensive city in metro)
#20. Waterville, MN
- 1-year price change: +$11,003 (+3.9%)
- 5-year price change: +$96,576 (+49.2%)
- Typical home value: $292,846 (#186 most expensive city in metro)
#19. Prescott, WI
- 1-year price change: +$11,008 (+3.0%)
- 5-year price change: +$125,193 (+49.3%)
- Typical home value: $379,149 (#88 most expensive city in metro)
#18. North Hudson, WI
- 1-year price change: +$11,088 (+3.0%)
- 5-year price change: +$111,157 (+41.3%)
- Typical home value: $380,460 (#85 most expensive city in metro)
#17. Hager City, WI
- 1-year price change: +$11,473 (+4.0%)
- 5-year price change: +$103,630 (+53.1%)
- Typical home value: $298,869 (#179 most expensive city in metro)
#15. Spring Valley, WI
- 1-year price change: +$12,371 (+4.7%)
- 5-year price change: +$106,474 (+63.6%)
- Typical home value: $274,014 (#195 most expensive city in metro)
#14. Stockholm, WI
- 1-year price change: +$12,509 (+4.1%)
- 5-year price change: +$137,097 (+76.2%)
- Typical home value: $316,903 (#157 most expensive city in metro)
#13. Hudson, WI
- 1-year price change: +$12,784 (+2.9%)
- 5-year price change: +$136,845 (+43.1%)
- Typical home value: $454,490 (#45 most expensive city in metro)
#12. Medina, MN
- 1-year price change: +$14,889 (+1.9%)
- 5-year price change: +$251,213 (+44.7%)
- Typical home value: $812,651 (#10 most expensive city in metro)
#10. Lakeland Shores, MN
- 1-year price change: +$16,116 (+3.3%)
- 5-year price change: +$131,232 (+35.2%)
- Typical home value: $503,599 (#28 most expensive city in metro)
#9. North Oaks, MN
- 1-year price change: +$17,247 (+2.0%)
- 5-year price change: +$214,693 (+32.6%)
- Typical home value: $872,306 (#8 most expensive city in metro)
#8. Houlton, WI
- 1-year price change: +$17,423 (+3.7%)
- 5-year price change: +$169,360 (+53.1%)
- Typical home value: $488,545 (#33 most expensive city in metro)
#7. Gem Lake, MN
- 1-year price change: +$19,557 (+3.6%)
- 5-year price change: +$167,539 (+41.9%)
- Typical home value: $567,435 (#24 most expensive city in metro)
#5. Greenfield, MN
- 1-year price change: +$25,609 (+4.6%)
- 5-year price change: +$182,642 (+45.6%)
- Typical home value: $583,386 (#21 most expensive city in metro)
#4. Independence, MN
- 1-year price change: +$32,401 (+4.9%)
- 5-year price change: +$210,353 (+43.3%)
- Typical home value: $696,600 (#14 most expensive city in metro)
#3. Tonka Bay, MN
- 1-year price change: +$42,354 (+4.4%)
- 5-year price change: +$333,299 (+49.8%)
- Typical home value: $1,002,246 (#5 most expensive city in metro)
#2. Woodland, MN
- 1-year price change: +$47,781 (+3.3%)
- 5-year price change: +$500,329 (+51.0%)
- Typical home value: $1,481,674 (#2 most expensive city in metro)
