Greenwood is a charming neighborhood resting on the shores of Lake Minnetonka in Minnesota. Spending time on Lake Minnetonka in the summer allows residents to fish, boat, and swim. When the lake freezes over in the winter, they simply adapt and ice fish, skate, play hockey, participate in snow yoga, or play putt-putt golf on the ice. Further inland, the beautiful parks and trails provide opportunities for outdoor recreation and nature appreciation.
Greenwood is a beautiful place to live. With its friendly atmosphere and stunning year-round scenery, this community is a highly desired location to which to move. If you are looking at homes for sale in Greenwood or trying to sell your existing home, here are a few things that may help you navigate the housing market.
Greenwood housing market prices, trends & forecasts 2023
Nationwide, the housing market is still leaning toward a seller’s market. With the mortgage rates on existing mortgages being low enough to avoid a major foreclosure crisis, along with the trend of more homeowners being equity rich, we are seeing a strong real estate market. The Minnesota housing market is more of a seller’s market, too, and it has been showing steady growth.
Greenwood Housing market forecast 2023
Several variables can alter any market forecast. At this point, the 2023 national housing market is predicted to fluctuate. Over the last few months, job gains, limited inventory, and fluctuating mortgage rates have created a push-pull housing market.
In Greenwood, MN, housing prices are expected to continue their steady upward trend in the next few years. The local real estate market is booming with a strong economy and low unemployment rates. Even in a strong market, a qualified real estate agent can help you through the buying or selling process. In addition to providing valuable insight into market trends, they can help you make informed investment decisions.
The Greenwood real estate market is poised for continued growth and stability. Now is a great time to make a move, whether you're buying or selling. In this thriving community, you can achieve your real estate goals and enjoy the many benefits of living in Greenwood.
Increasing Greenwood home values
Home values are determined by what they would sell for on the open market. Over time, the value of your property varies based on market conditions, the condition of the property, and any improvements you've made. In Greenwood’s robust housing market, the median home value has increased over the last three years. In 2020, the median home value in Greenwood was $935,000. The current median home value is $992,600.
Lowering interest rates overall
When listening to the leading housing market experts, the 2023 interest rate forecast is favorable. Most experts believe that mortgage interest rates, in general, will continue a gradual decline. Some advisors even expect those rates to fall as low as 5.25 percent.
Investing indicators not in favor of landlords
An interesting development is taking place in the apartment market. Despite a surge in layoffs in some industries, the US job market remains healthy, and the unemployment rate reached a 50-year low in January. Wage growth is robust, and people have ample savings. However, property managers are having a more challenging time finding new tenants. The national vacancy rate for apartments increased to 5% in December, up from a seasonal low of 2.5% the previous year.
A decline in population migration
Greenwood is seeing a slight decline in population migration. In the last 2020 census, its population was 728. The 2023 population data reports a 698 population, signifying a 4.12 percent decrease. The data indicates a 1.41 percent annual decrease, which could mean an increase in Greenwood’s housing supply.
Hennepin County housing market trends 2023
Hennepin County is Minnesota’s largest county. With a 0.99 percent positive population migration, the most recent United States census data reports a population of 1,320,307. The median home value is $309,200, while the median rent is $1,244. Hennepin County houses sold for a median price of $366,861, an increase of 2.42 percent from the previous year.
The inventory of homes for sale is 5,042, up 14.6 percent from last year, and 1,299 houses have been sold, which is an increase of 17 percent from last month. The average days a home stays on the market is 24 days, an increase of 54.5 percent from last year. All in all, the Hennepin County housing market is strong at this time.
COVID-19’s effect on Greenwood real estate market
Following the national market trend, the pandemic, despite its negative impacts, had a positive effect on Greenwood’s real estate market. As part of the seven-county Twin Cities area, the number of homes sold increased by 31.9 percent. The work-from-home reality, coupled with people buying second homes in favor of trips within or out of the country, contributed to the boost in sales.
Greenwood Median home prices 2023
The median Greenwood home price is $1,477,500, which shows a 4.2 percent increase of $58,500 from a year ago. While two-bedroom house prices show a decline of 69.5 percent from last year, three- and four-bedroom home prices have increased by 22.6 and 32.2 percent, respectively, since last year. The average days on the market took a significant decrease, going from an average of 74 days on the market last year to only 15 days this year, a massive 79.8 percent decrease.
Greenwood real estate market: should you invest?
With downward-trending mortgage rates and increasing home values, this might be an opportune time to invest in the Greenwood real estate market. The housing supply is low right now, but that may work in your favor as well. Homeowners wanting to sell or rent have leverage when the supply is low. With growing home appreciation rates, the real estate market is strong.
Expert tips on buying a home in Greenwood
Whether you are buying a home for the first time or buying a second home, there are a few things to consider. Buying a home in Greenwood is an exciting venture. Here are some tips to give you an edge.
- Shop around for the best mortgage.
- Get pre-approved for your loan.
- Find an expert real estate agent.
- Figure out your must-haves and nice-to-haves.
- Give your best offer.
- Be prepared to cut out contingencies.
Bottom Line
Greenwood is a charming community with stunning scenery and exciting indoor and outdoor opportunities. If you are considering a move to Greenwood, the experts at Stafford Family Realtors can help you relocate. Ranked in the top one percent of the nation, Stafford Family Realtors can start helping you with your Greenwood home search today.
*Header photo courtesy of Stafford Family Realtors
