Andy Babula, finance professor and director of the real estate program at the University of St. Thomas Opus College of Business, spoke to MPR News regarding housing prices in Minnesota. Prices across the state and the Twin Cities metro are hitting all-time highs.
From the interview:
In the Twin Cities alone, the median price is $401,000. It’s the first time the metro has seen median prices over $400,000.
Andy Babula, the director of the Real Estate Program at the University of St. Thomas, joined Minnesota Now to break down what this means for the housing market and first-time home buyers. ...
“Housing prices typically go up a few percentage points every year. And so we’ve been hovering around that – or I shouldn’t say hovering, but we’ve been trending toward that the last couple of years. I’d say from an economic sense, surpassing $400,000 isn’t that big of a deal. It’s just another number. But from an emotional or mental sense, it’s a big milestone when people were used to paying, not that long ago, $200,000 or $300,000 for a home, and now they’re at $400,000. It’s a tough pill to swallow.”
