A popular neighborhood in Minneapolis, Linden Hills is bordered by two lakes (Lake Harriet and Bde Maka Ska) and offers outdoor enthusiasts plenty of activities to get on the water as well as hike and bike the perimeter of the lakes. The neighborhood is also home to the only Smithsonian-affiliated museum in Minnesota (The Bakken Museum) as well as fabulous restaurants (Argentinian-inspired Martina and contemporary American Tilia just to name a few) and fun shopping experiences.
Considered one of the best places to live in Minneapolis, Linden Hills boasts a population of just under 8,000 and has a nice selection of single-family homes, condos, and new construction properties. Current homes in the neighborhood range in price from $237,000 for a two bedroom, two bath condo all the way up to just under $2 million for a six bedroom, five bath new construction home.
If you’re planning to up or downsize in the area or relocate to this trendy neighborhood, you will need to learn more about the Linden Hills real estate market to make a solid decision. Here is more information to get you started.
Linden Hills housing market forecast 2023
Like the rest of Minneapolis, the Linden Hills neighborhood is currently experiencing a seller’s market due to low inventory and high buyer interest. Homes are selling for an average of 4% more than they were last year.
Another reason for seller’s holding onto their current homes rather than buying new is the higher interest rates. As of early October 2023, the mortgage interest rate on a 30-year fixed mortgage is 7.5%. This is a jump from last year when rates topped off at 5.34%. Experts predict that the rates will begin dropping under 7% again in 2024 with a consensus that we may see rates in the 5% range again by the end of next year.
Though the population of Linden Hills has stayed relatively stable in the past few years, the population of the twin cities as a whole is experiencing a slight decline. This is likely due to the recent pandemic and the fact that many left the big cities to work in areas that had more affordable housing and less cost of living expense. Only time will tell if people will return to the twin cities and stabilize population growth or if this trend will continue. If it does, the market could change to a buyer’s market as current homeowners list their homes and relocate.
Linden Hills median home prices 2023
The median listing price for homes in Linden Hills is currently $812,000 and, as of early October, there were 33 homes for sale in the neighborhood. This number is much higher than the median selling price of Minneapolis as a whole. Minneapolis median selling price is $375,000 with a current number of 1,549 homes on the market.
Expert tips for buying or selling in Linden Hills in the current market
After learning more about the Linden Hills real estate market, are you interested in buying or selling? Here are some tips to help you out.
Buyer tips
- Get pre-approved for a mortgage. With the tight inventory and competitive nature of the market, you need to be able to make a quick and competitive offer when you find a Linden Hills home you love. That’s why it’s imperative that you get pre-approved for a mortgage before you begin looking at homes. Meet with a lender and provide them with the needed information to get a pre-approval letter that you can share with your agent and sellers to increase your chances of having an offer accepted.
- Act fast. Don’t make the mistake of taking a weekend to think about it if you find a home you’re interested in. Bring your spouse or any other decision makers with you when you view homes in person so you can make an offer on the spot.
- Make a competitive offer. When you’re ready to make an offer, consider one that is at or above asking price and is free of common contingencies like those based on an appraisal or on you selling your home first.
- Increase the amount of earnest money. Earnest money shows you are a serious buyer and is likely to make your offer more attractive. Buyers typically offer 1 to 2% of the asking price as earnest money. However, in a competitive market, you may want to offer 5 or even 10%.
Seller tips
- Know where you will move next. Though you may be able to sell your house easily in this type of market, finding your next home may not be so easy if you plan on staying in the area or moving to another neighborhood with tight inventory. You may even want to buy your next home before you sell your current one to ensure you have a place to live once your home sells.
- Make a few upgrades and do a little staging. Though you likely won’t have to do major renovations or invest in costly professional staging in a seller’s market, you still need to put your best foot forward. Do some cosmetic upgrades like painting the main living areas, declutter and depersonalize your home, and put some colorful potted flowers or plants near the front door for a cheery welcome.
- Price appropriately. Don’t make the mistake of overpricing your home just because the market favors sellers. This can turn away potential buyers and necessitate a price cut–something that will cast your home in an unfavorable light. Instead, work with your agent to settle on a strategic price based on a comparative market analysis.
Making a move in Linden Hills
Now that you know more about the Linden Hills real estate market, you can make a smart decision about buying or selling. When you’re ready to take the next step, reach out to experienced local agent Heather Zielinski for expert guidance.
*Header photo courtesy of Shutterstock
*Header photo courtesy of Shutterstock
