City: Brooklyn Park Housing Market Trending Up
At a forum for real estate professionals, Brooklyn Park shared the housing forecast for the city.
Speakers got into plenty of topics, including housing trends and resources. Real estate agents and brokers from Minneapolis and the Northwest suburbs got invitations to the forum. Local business and educational leaders showed up too.
It was a chance to engage, listen and learn about Brooklyn Park’s housing situation.
“We provide updates about the city’s strategic planning process,” said John Kinara of Brooklyn Park Housing and Development. “New developments coming to town. What has transpired in the last one year. What’s coming next. Then we have keynote speakers speaking about housing market trends.”
Brooklyn Park’s housing market trending up
According to experts at the Real Estate Forum, Brooklyn Park’s housing market is trending up.
In 2019, the average median price of a single family home was almost $270,000. That’s a huge jump from 10 years ago when the median price was less than $100,000 in the peak of the foreclosure crisis.
The winners in this are sellers. Their homes are a coveted commodity.
“It’s gone quickly,” Kinara said. “Within a week it’s gone.”
The downside is Brooklyn Park has a very low inventory of houses available. When a house is on the market, buyers often scramble to make a bid and sometimes come in high.
“Based on the housing trends that we see, the listing prices of each house that comes to the market, people buy that above the listing price each time,” Kinara said. “Because of the bidding wars.”
Real estate experts are optimistic going into 2020. They believe housing values will continue to increase.