Entry-Level Edina: Slim Pickings < $400k (Yup, $400k!)

Why Edina is So Much in 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 is $5.7 million, entry-level home prices will be dear, too.

In fact, starting home prices in consistently high-demand Edina start around $400k.

Single family homes much below that price point 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); and/or 5) they’re zoned for Hopkins, not Edina schools.

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 #5. 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 a positive bargain compared to Minneapolis.
–Edina 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.



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