Minnesota is 4th most expensive housing market in US, report says

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A new survey out from one of the nation's largest real estate companies says Minnesota's home prices are among the highest in the nation.

Coldwell Banker's annual Home Listing Report compares the average listing price for a four-bedroom, two-bathroom home in more than 2,700 markets across the country.

It found the average price for that home in Minnesota is $430,488 – the fourth most expensive in the country behind Hawaii, Massachusetts and California.

The Minnesota city with the most expensive housing is Orono, a west metro suburb near Lake Minnetonka. It was ranked ninth in the country, with an average home cost of about $1.4 million.

All the other markets in the top 10 were in California, WCCO reports.

By contrast, the least expensive housing market in Minnesota is Sauk Rapids, just north of St. Cloud in central Minnesota, with an average sale price for a four-bedroom, two-bathroom home of $144,422.

A few more takeaways, according to Coldwell Banker:

  • The most expensive housing market in the country is Newport Beach, California, with an average home price of $2.9 million.
  • The most affordable is Cleveland, with an average home price of $74,502.
  • The national average is $302,632, which can buy a four-bedroom, two-bathroom home in more than 1,600 markets across 34 states.
  • Forty-five of the 100 most affordable markets are in Midwest states.

Here's a comparison with our neighboring states and their average home prices:

  • Minnesota: $430,488
  • Wisconsin: $203,172
  • Iowa: $221,838
  • North Dakota: $248,171
  • South Dakota: $208,048

And finally, a few caveats about the report. It only used data that came from houses listed with Coldwell Banker, and markets that had fewer than 10 four-bedroom, two-bathroom listings with Coldwell Banker between December 2014 and June 2015 were excluded from the ranking.

If you want to take a deep dive into the housing data, you can find the complete report here.

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