Southeast Minnesota Town Included On List For ‘Fastest Falling Home Values In US’
2020 was one of those years where there was plenty of 'ugh' news, but there were some bright spots, including those selling their homes. Home prices across the US were soaring for much of 2020, and that trend has continued through 2021 so far. 24/7 Wall Street put out a list last week that included Owatonna on it. That list was the 30 US cities where home values were falling the fastest.
The list, comprised by 24/7 Wall Street, looked at data on home values/appreciation from January 2020 to January 2021. On average according to 24/7 Wall Street, a home's value went up roughly 9%. Not all cities though went up during that time according to 24/7 Wall Street.
In Owatonna's case, according to 24/7 Wall Street during this January 2020 to January 2021 time period the average "family home" was worth "$201,714, or roughly 0.3% less than what it was worth a year ago."
Demand for homes is one factor that affects the price, higher demand drives the price up, lower demand for housing drives the price down. 24/7 Wall Street looked at the most recent Census data and found the population of Owatonna to be mostly unchanged, so why the slightly lower home value?
Owatonna was the first city listed, so its home values were the least changed compared to others on the list. There were 30 cities and towns with populations of 15,000 or more, on the list where home values have depreciated by at least 0.3% over the past year. Owatonna wasn't alone in Minnesota, as other cities like Baxter -14.8%, Hoyt Lakes -4.5%, Crosby -0.8%, and Benson -0.5% saw reductions in home prices.
A majority of the list created by 24/7 Wall Street was from the Southern portion of the US.
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