Why Edina is in Such High Demand
It shouldn’t come as surprise that, in a city where the average asking price for a single-family home is now $1.185 million, and the most expensive list price is $5.7 million, entry-level home prices will be dear, too.
In fact, starter homes in consistently high-demand Edina begin around $400k.
Can you find an Edina home for less?
Occasionally.
However, such homes typically have one (or more) of the following attributes: 1) they’re small (under 1,500 finished square feet or so); 2) they’re dated; 3) they only have a one-car garage (or none); 4) they’re located on a busy street (like Xerxes, France, or Blake); 5) they lack curb appeal; and/or 6) they’re zoned for Hopkins, not Edina schools.
Out of 168 single family homes currently for sale in Edina, exactly 9 are listed for under $400k (a 10th home is under contract, subject to inspection).
Edina Pluses
So, what’s the case for paying $400k (or much more) for an Edina starter home?
–It’s Edina (come on!).
–Edina’s award-winning public schools (subject to #6. above).
–Edina’s overall terrific housing stock, including some of the most beautiful homes (and neighborhoods) in the Twin Cities.
–Edina property taxes: the lowest in the Twin Cities, and positively a bargain compared to Minneapolis.
–Easy access to Downtown Minneapolis and its Chain of Lakes (just to the northeast).
–Edina home appreciation.
Scarcely five years ago, the floor for a single-family Edina home was high $200’s/low $300’s — that’s a (very) healthy 50% pop since then. Of course, Edina homes have also appreciated well, long-term.
Bottom line?
Edina home buyers know that, when it comes time to sell, all those pluses will ensure strong demand for their home.
P.S.: Edina is also where Edina Realty founder Emma Rovick opened her first office in 1955, about a block from the movie marquee pictured above near 50th & France.
See also, “Starter Home,” Defined; and “Coming Soon! 308 Van Buren Ave. South in Edina.”