Why this is important
Median home prices (the value at which half the homes sold are above and half are below) and the median assessed market values (the value at which half the assessed values are above and half are below) are indicators of the health of the housing market. They correlate to the tax base provided by the households and the affordability of the housing stock.
What the data show
The median sales price for residential property1 in Dakota County has been consistently higher than in the 13-county Metropolitan Statistical Area over the last decade. Not including foreclosures, the median home prices that decreased between 2007 and 2012 suggested that foreclosures were 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. The median sales price of residential property (excluding foreclosures) in Dakota County increased 11.4% between 2012 and 2014 – a sign of economic recovery. 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. Between 2007 and 2011, home prices decreased 32% in Dakota County, similar to a 33% decrease across the metropolitan area. However, there are signs of recovery in home values. Over the last three years, home prices increased 38% and 37% in Dakota County and the metro area, respectively.
1 Including single-family detached, condominiums, new construction, previously owned, foreclosures and short-sales.