Twin Cities real estate has appreciated about 5% annually over 40-45 years, with prices up 3.7% in the past year. The market stayed stable even through the recession, largely because demographic diversity keeps it from wild swings.
Tell us a little bit about what you've seen happen with the, the real estate markets, with the change of the demographics in and around your cities.
If we look at going back over 40, 45 years of history, we average about 5% appreciation a year. We don't have the huge upswings or the huge downswings with the exception of the recession where everybody pretty much saw a downswing. We recovered from that fully and we're continuing to climb over this last year. I made some notes here. I think our our average sales price is up almost 3.7%. Our mean— median sales price is up about 2.6%. So we're kind of running with inflation that way, pretty flat, but you know, not necessarily the big spike up or the big spike down. And a lot of that is really based off of the diversity that we do have in the Twin Cities here.
