It’s certainly no secret that many of today’s active home buyers want to live somewhere close to public transportation, but according to a recent study done by the Minneapolis Area Association of Realtors, it’s something that’s becoming increasingly important here in the Twin Cities. While Minneapolis isn’t quite yet one of those U.S. cities where many people don't actually own a car, it’s rapidly reaching the point where a lot of home buyers want that option should they prefer to rely on public transit. And as a result, research is now showing that homes in several Minneapolis neighborhoods that offer close access to the Metro Transit Line are not only increasing in value, but also selling at a faster rate as well.
According to the findings, homes close to Metro Transit Blue Line stations specifically are showing some of the highest gains as it relates to value, but a similar trend along Green Line stations is also starting to emerge. In fact, since the Green Line opened back in 2014, homes near many of its stations have performed better in terms of home values than the rest of St. Paul, as well as the entire metro region.
In addition to wanting the option to use public transportation for a daily commute, evidence further shows that home buyers also want that option when going to the airport, going to local sporting events, or simply going out for an evening with family or friends.
Industry professionals are also predicting homes near the planned Southwest Light Rail line to also perform higher than average, which will operate from downtown Minneapolis all the way through Twin Cities suburbs like St. Louis Park, Hopkins, Minnetonka, and Eden Prairie.