Are you considering buying or selling a Plymouth home with the help of a local agent? If so, you may need to research the real estate market of Minnesota.
Are there any market trends you should keep an eye on? Has the Plymouth housing market changed in the last year? In the guide below, you will learn about the average and median home prices and high and low house prices in Plymouth.
Understanding these details about the Plymouth housing market will make it easier to pick a list price for your property. Further, you will learn whether an asking price on a house is fair when looking at homes for sale.
Here, you will also learn which elementary or middle schools are best for your children in the city. Ready to find out more about the real estate market in Plymouth? Then, read on!
Average Home Price in Plymouth MN
The average or median list price of houses in Plymouth, Minnesota, is $475,000. The seller’s market is still going strong in the city. We know this by looking at the median price per square foot, which reaches $206, according to Realtor.com.
The Plymouth median list price has reached as high as $502,658 in the past, much higher than the average home sale price in the United States and Minnesota. The US median home sale price is $376,286, while the median cost in Minnesota reached only $319,629.
The total population of Plymouth, Minnesota, is 80,034 residents. Comparing Plymouth to cities with similar population sizes, Plymouth homes tend to cost more. Essentially, the home value in the region is considered superior, and home buyers tend to seek out the neighborhoods due to their excellent school districts, many outdoor activities, and family-focused lifestyles.
When working with real estate agents to find the best single-family home in Plymouth, ask about the top school district, job market, and family-friendly activities in the area.
Plymouth is part of Hennepin County, and homebuyers consider it one of the best places to live in the state. The city has an urban and suburban vibe with most people owning rather than being a renter. You’ll find plenty of coffee shops and lots of parks for families or dog owners.
High and Low Home Prices in Plymouth MN
A few of the most expensive home sales in MN take place in Plymouth. Generally, the western portions of the city tend to have the pricier home sales while the southern and eastern parts of the city have more affordable housing options.
When searching for a new home in Plymouth, you can check out open houses in the southeastern section if you want a lower price. The quality of houses and the neighborhoods vary greatly in the city of Plymouth, so you will find homes as low as $249,900 or mansions costing more than $3 million. You can even buy apartments for as little as $103,500.
On the lower end of home prices, you can purchase a single-family house for $250,000 or $379,900. On the higher end, you can find houses for $859,900 or properties for $989,000. The Plymouth neighborhoods with the lowest home sale prices include:
- Shelard Park
- Sunny Lane
- Bass Creek
Plymouth neighborhoods with expensive home sale prices include:
- Westwood Hills
- Pennsylvania Park
You will find more than 150 homes available for sale in Plymouth with 21 properties listed in February 2023.
In the last year, home prices have increased in Plymouth by 5.4 percent with average prices reaching $475,103 as of December 2022.
The housing market trends in Minneapolis and Plymouth show that the real estate market inclines to favor sellers. Home prices are still growing slowly, and housing inventory is relatively low compared to the number of buyers looking to purchase residences.
Best Areas to Live in Plymouth, Minnesota
The best neighborhoods to live in Plymouth, Minnesota are generally in the western parts of the city. The western area includes residents with the highest household incomes and more expensive rental prices. Home prices are also higher in the western parts as compared to the eastern and southern regions.
You will find many families and single professionals living in Plymouth, Minnesota. The residents here tend to have liberal or moderate political views. Most importantly, the school districts including the high school have very high ratings across the state.
The city includes positive impacts on residents’ health, as there are plenty of fitness opportunities and many outdoor activities to remain in good shape. You’ll find parks to exercise in or hiking trails to take with friends, family, or pets. The area also has fitness centers for its residents.
The weather here is fair while the nightlife is also good. For instance, you can attend amazing concerts at the Hilde performance center or see fireworks at Parkers Lake on New Year’s or the Fourth of July. Plymouth also has many restaurants to enjoy on a Saturday night.
The median household income reaches $119,813 in Plymouth with excellent employment rates and job growth. Plymouth is a safe and clean city for families to raise their children. Families can enjoy the farmers’ market or visit the libraries in the city.
Essentially, the city has a mix of a suburban, family-friendly environment along with a suburban feel for young professionals.
Sale-to-list Price Ratio in Plymouth
The sale-to-list price ratio in Plymouth, Minnesota reached 98.21 percent in December 2022. That means that houses in the city sold for 1.79 percent below the asking price. Yet, the month of December tends to have fewer buyers looking to purchase homes. Usually, families avoid moving during the holiday season.
Instead, you’re likely to see the sale-to-list price ratio increase to 100 percent or over the asking price during the spring and summer months. Families tend to seek new homes in good school districts before the new school year begins. Even in December 2022, the housing market still favored sellers since there were more buyers than homes available for purchase.
Furthermore, the median listing price in Plymouth grew by 5.6 percent year-over-year, reaching $475,000. However, the median home sold price reached $412,500 by the end of 2022.
Furthermore, the sale-to-list price ratio reached 100 percent in November 2022. During that month, 37.5 percent of homes sold were purchased above the listing price. Further, 44.5 percent of properties sold went for under the listing price.
Yet, with growing home prices, the number of homes sold has dropped over the last year. As of December 2022, only 80 homes were sold in Plymouth. That was a 19.2 percent drop year-over-year. The trends show that the Plymouth housing market is somewhat competitive but slowly losing steam.
Average Days on Housing Market
Currently, Plymouth homes spend 36 median days on the market, which is an increase of 18 days year-over-year since December 2021. These average homes also sell for about 2 percent below the listing price. However, more competitive properties sell for 1 percent above the listing price and get offers in about 16 days.
The number of days on the market for a home shows whether the real estate market favors buyers or sellers. The more time a house stays without getting sold means that the buyers slowly gain more power in real estate transactions.
You may find that Plymouth homes remain on the market for 64 median days in the winter. Fewer people will look to buy properties during the holidays and colder months, so that number is likely to increase by late spring.
If your home has been on the housing market for too long, you may need to make more seller concessions or reduce your asking price. Also, you can consider renovating your home to make it more attractive to buyers.
Once you’ve completed home improvement projects, you can re-enlist your home on the housing market, which will make the property look fresh for realtors and potential buyers. Yet, buyers can have more power to buy a property below the listing price when a house has remained on the market for far too long.
Currently, the Plymouth housing market is favoring sellers with home prices still high and more buyers looking for a property than houses available. However, the typical number of days a house remains on the real estate market is 36 days in Plymouth.
If you’re looking to sell a house fast in Coon Rapids or Plymouth, you should consider selling to real estate investors or house flippers. In particular, you should reach out to cash home buyers in Minnesota.
Generally, cash buyers can purchase a house in only a couple of weeks since they don’t need to wait on a mortgage loan approval. You can also bypass working with a realtor and save on real estate agent commission fees by selling directly to a cash home-buying company.
We buy houses Minneapolis locals absolutely love, so give us a call to learn more about our offers on Minnesota properties.