Why this is important
Median home prices (the point at which half the homes sold are above and half are below) and the median assessed market values (the point at which half the assessed values are above and half are below) are indicators of the health of the housing market in a county and region. They correlate to the tax base provided by the households and the affordability of the housing stock.
What the data show
Median sales price for residential property in Dakota County has been consistently higher than in the 13-county Metropolitan Statistical Area (MSA) over the last decade. Not including foreclosures, the median sales price of residential property in Dakota County decreased 6.6% between 2011 and 2012. Decreasing median home prices since 2007 suggests that foreclosures are not the only factor driving down home prices in the County. Weakened demand due to lack of access to credit or an over-supply of homes for sale could also drive down prices. When sales of foreclosed homes are included, Dakota County home prices seem to be mirroring a trend seen across the metropolitan area as a whole. Since 2007, prices decreased 26% in Dakota County, similar to a 25% decrease across the metro.
This figure shows sales prices by range, at the time of the sale closing, for residential properties in Dakota County from January 2005 to February 2013. The number of closed sales for residential properties (at closing) below $144,899 has decreased since mid-2012, while closed sales for properties above $144,900 increased in 2012 and continued into the first part of 2013. In February of 2013, there were 2,217 closed sales for properties below $144,899. The 2012 and 2013 estimated median home values in Dakota County are $188,000 and $192,400, respectively. According to the Minneapolis Area Association of Realtors, there were 1,814 sales of foreclosed properties in Dakota County in February 2013.