New construction is on the rise in the Twin Cities area, as the number of single-family home permits being pulled throughout the region continues to skyrocket. Not long ago, it was reported that 465 new building permits were issued during the month of October, which is up substantially compared to the same month in 2015. Additionally, the month of September also saw a nice bump in permits being pulled compared to a year prior, recording an increase by approximately 24 percent.
With such a significant boost, however, many are wondering what parts of the Minneapolis-St. Paul Metro Area are seeing the highest gains in new single-family homes, and thanks to data gathered by the Builders Association of the Twin Cities, we now have some insight that specifically relates to those questions.
As first reported by Twin Cities Business Magazine, the city of Lakeville has seen the most residential new construction in 2016. Just in the last 10 months alone, Lakeville has issued 341 single-family home permits, which is by far Minnesota’s most active community in terms of new development. Blaine is also high up on the list, which at last count has pulled 263 permits in 2016, while Plymouth (243), Woodbury (237), and Otsego (171) all round out the top five cities so far this year when it comes to the most single-family home permits being issued in Minnesota.
In terms of what buyers seem to be after most right now, smaller entry-level and affordable single-family homes appear have the strongest demand, which makes sense given so many millennials and other young home buyers are finally starting to enter the marketplace. Also noted by TCB was that energy efficient homes in the Minneapolis area specifically also seem to be especially sought after by buyers, with walkability and convenient also high up on most peoples’ wish list.