Good News for Minnesota Real Estate!
According to a recent migration pattern study by United Van Lines, more people moved into Minnesota than moved out. While the study ranks Minnesota as a “balanced” state, meaning their is no huge “move-in” or “move-out” of residents, it does show that this is the first time in 25 years that more people have moved in than out. The statistics show that United vans processed 8730 shipments of household goods in 2006, of which 4480 were inbound. That means 51.3% of all shipments were new residents.
How does this correlate to real estate? With the recent slow down of the local Minneapolis market, homeowners are finding it harder to sell their homes. Prices are coming down as homes take longer to sell. If more people are moving to Minnesota, then the current homes on the market have a better chance of selling sooner than later and the local economy benefits from new consumer spending. Minnesota is lucky, other Mid-west states like Indiana, Illinois, Ohio, and Michigan are seeing a large part of their residents leaving for the Southeast and West.
(To read more about the survey see United Van Lines 2006 Migration Study)