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        <title>Real Estate Blog</title>
        <link>http://www.minneapolisurbanhomes.com/blog/</link>
        <description></description>
<item>
    <guid>https://www.minneapolisurbanhomes.com/blog/why-there-are-more-homes-for-sale-right-now-and-what-it-means-for-you.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/why-there-are-more-homes-for-sale-right-now-and-what-it-means-for-you.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>Why There are More Homes for Sale Right Now (and What It Means for You)</title>
    <description> <![CDATA[ 



 


Mortgage rates being back above 7 isn't exactly the news most people wanted. But it’s changing the market in ways that matter whether you’re buying or selling.


The number of homes for sale is growing faster than it was this time last year. And interestingly, the main reason isn’t a flood of new listings. It’s because homes aren’t selling as quickly.


Here’s why – and what that means if you’re thinking about buying or selling.


Inventory Growth Is Picking Up Steam


According to HousingWire Data, after inventory growth slowed down for most of the past year, it’s accelerated again in recent weeks. You can see that in the graph below. Just look at the blue line:





And what's behind this shift might surprise you.


When rates rise, some buyers hit pause. That means fewer homes sell each week. And as those unsold homes stay on the market alongside new listings, the number available starts to grow (see the blue line in the graph below).


Here’s another way to look at it to make it even more obvious. The graph below shows the relationship between rates and inventory. Again, this year is the blue line. Last year? That’s the green.


With rates inching up this year, you can see inventory has grown by about 25k. But when rates went down this time last year, buyers jumped back in, and inventory actually dropped by about 9k.





Logan Mohtashami, Lead Analyst at HousingWire, explains how that's flipped from 2025 to 2026:




&quot;With mortgage rates over 7, demand tends to soften and inventory rises . . .&quot;




Homes Are Spending More Time on the Market


Here’s another metric that shows the impact rates are having: time on market. Data from Realtor.com shows the typical home spent 61 days on the market this September. Back in September 2021, it was just 41 days (see graph below):





Here’s what that tells us. In 2021, when rates were low, more buyers were active, and homes sold fast. But now that rates are a bit higher, not as many buyers are interested, so it takes a bit longer to close a deal.


How To Make This Market Work for You


So, what does all of this mean for your plans? That depends on which side of the move you’re on:


If you’re buying, more homes for sale means more choices and less pressure to rush. And more room to negotiate too. A house that’s been sitting for a while could have a seller who’s more willing to talk – not just about price, but repairs, closing costs, or even helping buy down your mortgage rate.


That doesn’t mean every seller will play ball. But compared to the frenzy of a few years ago, buyers have more leverage now.


If you're selling, the right strategy can make all the difference. Buyers have more homes to choose from, so making yours stand out is especially important. That starts with pricing it right from day one, making a great first impression, and working with your agent to highlight what makes your house worth choosing. Buyers are still buying and homes are still selling. The key is making sure yours is positioned to attract the right buyer.


The market hasn’t stopped. It’s just moving at a different pace. And whether you’re buying or selling, your strategy needs to move with it.


Bottom Line


In many places right now, inventory is growing and homes are taking a bit longer to sell. And that’s information that should shape the strategy you use going in.


Whether you're buying or selling, let's look at how long homes are taking to sell in your neighborhood, so your offer, or your price, fits today's market.
 ]]> </description>
    <pubDate>Wed, 14 Oct 2026 10:09:00 -0500</pubDate>
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    <guid>https://www.minneapolisurbanhomes.com/blog/why-most-people-are-still-glad-they-bought-a-home.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/why-most-people-are-still-glad-they-bought-a-home.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>Why Most People Are Still Glad They Bought a Home</title>
    <description> <![CDATA[ 



 


With everything going on, it’s understandable if you’re wondering if you’d regret buying right now. 


Everyday expenses cost more. Mortgage rates are higher than you’d like. And when the economy feels uncertain, taking on a mortgage can feel like a much bigger leap. But here’s some perspective that may help…


Most people who already made that leap would do it again.


According to a recent survey from NerdWallet, the vast majority of recent buyers (74) were glad they bought their current home. Only a very small 3 of people regret it:





And here’s a big reason why so many people feel it was worth it, even now.


Homeownership Is a Long-Term Play


When you’re deciding whether to buy, it’s easy to focus on what’s happening right now. What’s today’s mortgage rate? Are prices going up or down? Those things matter. But don’t get so caught up in buying in the perfect moment that you miss the bigger picture.


A home isn’t typically something you buy for just a year or two. It’s a longer-term play. And when you zoom out, it all starts to fall into perspective – especially if you look at home prices and equity.


According to data from the Federal Housing Finance Agency (FHFA), home prices nationally have risen 33.4 over just the past five years (see map below):





And that appreciation has helped current homeowners build some serious wealth. Research from Bankrate shows homeowners gained an average of nearly $150,000 in wealth over the past five years as equity steadily rose across 90 of major metro areas.


That’s one of the biggest benefits of homeownership. As you pay down your mortgage and your home appreciates over time, your ownership stake – your equity – can grow.


Now, Zoom Out Even Further


The five-year numbers are impressive. But the numbers get even more dramatic when you look at decades instead of individual market cycles.


FHFA data shows home prices nationally have risen 336 since 1991. Sit with that for a second. Three hundred percent (see map below):


 


That doesn't mean prices go up every single year. And it doesn't mean buying is automatically the right decision for everyone today. You should only buy when the numbers (and the payment) work for you.


What it does show is why trying to perfectly time the market can make you miss the bigger picture. 


Over time, homeowners gain a lot of equity. And that equity can eventually become a powerful financial resource. As Freddie Mac explains: 




“Your home's equity is part of your total wealth as a homeowner. If you decide to sell your home, the equity you have built over time will come back to you in the sale. . .


If it's time to upsize or downsize, you can use that cash for the down payment on your next home.”




Basically, if you can afford to do it, buying a home now could set you up for future moves.


And just in case you’re someone who’s worried about what happens if prices do fall, after you buy, remember: you’re not buying for one year.


Prices can dip. They have before. But historically, they’ve risen far more over the long run. And the longer you own your home, the more time you have to ride out those ups and downs and keep building equity.


Bottom Line


Don’t let today’s uncertainty make you lose sight of what homeownership can do over time. Most homeowners say they’d make the same choice again. And decades of home-price growth help explain why.


If you’re wondering whether buying makes sense for you right now, let’s look at the numbers together – and what owning a home could mean for you in the years ahead.
 ]]> </description>
    <pubDate>Mon, 12 Oct 2026 09:57:00 -0500</pubDate>
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    <guid>https://www.minneapolisurbanhomes.com/blog/best-real-estate-agent-in-loring-park-mn-richard-newman.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/best-real-estate-agent-in-loring-park-mn-richard-newman.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>Best Real Estate Agent in Loring Park, MN: Richard Newman</title>
    <description> <![CDATA[ 



Richard Newman brings 22 years of experience and $110,000,000 in career sales volume to the Minneapolis urban housing market. Finding the best real estate agent when buying a home in Loring Park, Minneapolis means identifying someone whose working style and core competencies match what your transaction requires - not just whoever has the most yard signs. The right fit depends entirely on your timeline, property type, and familiarity with the details that make urban real estate its own category: condo associations, special assessments, building financials. A seller listing a high-rise unit needs a different marketing approach than a buyer relocating from out of state to purchase a downtown loft. Looking past marketing claims to examine transaction history, local market focus, and specific experience with urban property transfers will tell you far more than any award badge on a website.


Why Richard Newman Is a Strong Choice in Loring Park, MN


Richard Newman has been voted Super Agent by Mpls St Paul Magazine for 12 consecutive years - 2015 through 2026 - and his practice is focused specifically on the urban housing sector. He operates as the Realtor and Urban Home Specialist of DRG | Minneapolis Urban Homes, which is a deliberate choice, not a generic title. That concentration matters when you're dealing with the particular complexities of downtown and near-downtown property markets.


Buying or selling in Loring Park often means working through homeowners associations, shared amenities, and building regulations that vary from one structure to the next. Richard addresses those elements directly. Buyers understand HOA financial health and upcoming assessments before making an offer, not after. For sellers, his familiarity with the urban core lets him position a property accurately against competing units in nearby buildings - not just comp it against whatever sold closest. His approach is grounded in facts and logistical preparation. He runs a calm, low-pressure process, gives clients the data they need to evaluate their options, and manages the transactional details so you're not chasing paperwork when you should be making decisions.


Proven Results and Track Record


Over 22 years, Richard Newman has closed 300 real estate transactions, with a total career sales volume of $110,000,000. His listings average 45 days on market - a figure that reflects accurate pricing, not wishful thinking. He maintains a 50/50 list-to-sale ratio, meaning he's representing buyers and sellers in roughly equal measure across the Minneapolis market.


That balance matters. An agent who only lists, or only represents buyers, develops blind spots. Richard's production on both sides of the table gives him a clearer read on what the other party is thinking.


His professional standing includes 49 five-star client reviews, and Mpls St Paul Magazine has recognized him as a Super Agent every year from 2015 through 2026. The repeat recognition isn't the story - the consistency behind it is.


What Clients Say About Working with Richard Newman


Across 49 five-star reviews, former clients return to a few consistent themes. Buyers highlight his knowledge of the Minneapolis condo and HOA landscape, and specifically his ability to identify issues early - upcoming special assessments, necessary unit repairs - and negotiate favorable terms before those problems become the buyer's problem. Reviewers frequently mention his patient, low-pressure demeanor. He asks thoughtful questions to refine a property search rather than steer it toward whatever's available.


Clients managing out-of-state relocations or cross-city transactions point to his clear communication and ability to handle complex logistical needs without requiring the client to micromanage the process. On the closing side, both sellers and buyers note his proactive coordination once an offer is accepted. The network of local professionals he recommends - title, insurance, home finance - also comes up repeatedly as something that keeps transactions moving from accepted offer to final closing table without the usual friction.


Local Expertise Across Loring Park, MN and Nearby Areas


Richard Newman's practice is concentrated on the urban core of Minneapolis: Loring Park, the North Loop, the Mill District, and Northeast Minneapolis. These aren't interchangeable. The Loring Park market features a dense mix of condominiums, historic apartment conversions, and townhomes, with buyers who often prioritize proximity to downtown employers, public transit corridors, and local amenities.


How Neighborhood Differences Shape the Search


Understanding the distinctions between these adjacent neighborhoods is where local expertise earns its keep. Loring Park offers classic architecture and immediate access to green spaces. The nearby Mill District carries riverfront industrial lofts. The North Loop is built around modern mixed-use developments. They attract different buyers for different reasons, and Richard tracks the specific inventory and building regulations across all three zones.


For sellers, that regional fluency translates directly into marketing reach. A Loring Park property positioned correctly can attract buyers who are also evaluating units in Northeast Minneapolis or the North Loop - qualified urban buyers who wouldn't have found the listing through a more narrowly focused agent.


2026 Market Snapshot for Loring Park, MN


Market conditions in the North Loop - the nearby core market that serves as a strong indicator of urban Minneapolis real estate trends - looked like this as of August 2026:




Median sale price: $300,000


Year-over-year price change: Up approximately 2


Median days on market: 34


Homes sold: 11


Months of supply: 2.6


Average sale-to-list ratio: 98.5


Homes sold above list price: 27


Available inventory: 10 listings




A 2.6-month supply tilts this market slightly toward sellers without turning it into a bidding war environment. Properties are moving at a steady pace, sellers are landing very close to asking price, and 27 of homes are clearing above list. If you're a buyer, moderate competition is real - come prepared.


Buyer &amp; Seller FAQs About Richard Newman


Who are the best real estate agents in Loring Park, MN?


The honest answer is that it depends on your specific property type. Richard Newman is a strong candidate for buyers and sellers dealing with urban homes and condominiums, with 22 years of experience and $110,000,000 in career sales volume in the Minneapolis market.


Do I need an agent who specializes in Loring Park condos and HOAs?


You'll want someone who knows this territory well. Richard Newman understands the intricacies of homeowners associations, shared amenities, and special assessments, and makes sure clients have the necessary financial and structural information before signing a purchase agreement - not after.


How do I find a good buyer's agent in Loring Park?


Start with a verifiable track record in the specific neighborhoods you're targeting. Richard Newman has closed 300 transactions across Loring Park, the North Loop, and the Mill District, which gives buyers focused knowledge of local building histories and property values.


Who is the best listing agent in Loring Park, MN?


Look at the metrics. Richard Newman carries a 50/50 list-to-sale ratio and an average of 45 days on market - numbers that reflect an ability to accurately price and effectively market urban properties to the right buyer pool.


How much do real estate agents in Loring Park, MN charge?


Commissions are negotiated directly between agent and client before signing a listing agreement or buyer representation contract. Richard Newman walks through all fees, marketing costs, and compensation structures clearly during the initial consultation.


About Richard Newman &amp; How to Get in Touch


Richard Newman is the Realtor and Urban Home Specialist of DRG | Minneapolis Urban Homes, a real estate team associated with the DRG | Minneapolis Urban Homes brokerage. Twenty-two years working the Minneapolis urban core - condos, lofts, townhomes - has produced 49 five-star reviews, a consistent Super Agent designation from Mpls St Paul Magazine running 2015 to 2026, and a reputation built on clear communication and detailed logistical management rather than sales pressure.


The office is at 700 Washington Ave N 101, Minneapolis, MN, 55401. If you're planning a move in Loring Park, the North Loop, the Mill District, or Northeast Minneapolis, reach out to talk through your goals and take a look at what's currently on the market.
 ]]> </description>
    <pubDate>Mon, 12 Oct 2026 09:04:00 -0500</pubDate>
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<item>
    <guid>https://www.minneapolisurbanhomes.com/blog/loring-park-minneapolis-real-estate-market-2026-prices.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/loring-park-minneapolis-real-estate-market-2026-prices.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>Loring Park, Minneapolis Real Estate Market: 2026 Prices</title>
    <description> <![CDATA[ 



Loring Park sits close enough to downtown Minneapolis that you're never far from anything - historic architecture, modern condominiums, and city amenities all within reach. If you're considering buying a home in Loring Park, Minneapolis right now, you're probably wondering how current economic shifts are playing into local property values.


As of October 2026, housing demand across the Minneapolis metro area remains steady. Whether you're eyeing a high-rise condo or a classic row house, knowing where sale prices and inventory stand puts you in a much stronger position before you make any moves.


Overview of the Loring Park Housing Market


The Twin Cities region is still a seller's market as of mid-2026, and local market experts aren't predicting that to change anytime soon. The Minneapolis housing market scores an 80 out of 100 for competitiveness citywide.


Loring Park tracks that broader trend, though different property types move at different speeds. Well-priced condos and townhomes frequently draw multiple offers, and if you're a buyer, you'll want to be ready to move quickly when something good hits the market.


Recent Sales Statistics


The median days on market in Loring Park sits at roughly 34 days. Buyers are landing homes at about 98.5 of the listing price - close enough to ask that you shouldn't count on negotiating much off the price on a desirable unit.


Inventory is tight. Recent figures show just 10 active listings, 2.6 months of supply, and 11 homes recently sold. About 27 of those recent sales closed above the original asking price.


Comparing Local and Citywide Competitiveness


The broader city is moving quickly too. The overall Minneapolis market sits at about 3.1 months of supply, with homes averaging 53 days on the market citywide. Properties in the urban core are consistently selling faster than that average.


Home Prices and Values in Loring Park, MN


Recent market data puts the median sale price in the area at approximately $300,000, which is up roughly 2 year-over-year. Where exactly a property lands within that range depends on the building and the specific unit type.


Average prices can skew considerably higher when luxury condo sales enter the mix. Some NorthstarMLS data from earlier this year showed average prices closer to $475,000 in nearby downtown neighborhoods. For that reason, comparable sales within a specific building will tell you more than neighborhood averages alone.


Price Per Square Foot


If you want another lens for evaluating value, price per square foot is worth looking at. Recent data from Redfin shows the median sale price per square foot in the nearby North Loop area reached $416 - up about 25 from the previous year.


For context, the broader Minneapolis market has a median sale price of $240 per square foot. The premium you see in neighborhoods like Loring Park reflects the central location and what comes with it.


Recent Real Estate Trends in Loring Park


Over the three months ending in July 2026, Minneapolis home prices rose 3.5 compared to the same period the year before. The citywide median hit $375,000. In the downtown-adjacent areas specifically, year-over-year median sale prices have shown more modest growth of around 2.


Worth knowing: some trailing 12-month metrics from Homes.com previously indicated a 6 decline. Recent months have reversed that trend. The market here looks like it's stabilizing rather than sliding.


Inventory and Days on Market Shifts


With only about 10 active listings recently recorded in the immediate data set, buyers don't have a lot to choose from. That limited supply is what's keeping prices relatively firm.


The median of 34 days on the market before going under contract means you don't have the luxury of sitting on a decision. New listings need to be on your radar daily, and tours should be scheduled promptly.


Cost of Living and Income Data for Loring Park


Income figures for Loring Park shift depending on which source you're looking at. Point2Homes reports an average annual household income of $103,336 for the neighborhood, but the median tells a different story - Point2Homes puts that at $59,928 per year. Niche.com reports a similar median of $58,477, while Homes.com estimates it at $54,551.


Affordability Expectations


All of those medians fall below the national median of $80,734 reported by Niche.com. The neighborhood's mix of renters and owners is part of what pulls the median figures down.


If you're buying a median-priced home at $300,000, run the numbers on monthly payments using current interest rates and factor in homeowners association dues. HOA fees in Loring Park condos vary widely - and they have a real impact on what you can afford.


Advice for Buyers and Sellers in Loring Park


Sellers have a slight advantage right now. At 2.6 months of supply, you're well below the four to six months that typically signals a balanced market. That said, buyers are still sensitive to overpricing, so accurate pricing matters more than you might think.


For buyers, get pre-approved before you start touring. With homes going under contract in just over a month, waiting on financing approval is a quick way to lose a property you wanted.


Working with a Local Professional


A local agent who knows the area can walk you through the differences between condo associations - building financials and reserve funds are details that don't show up in the listing but matter a lot after closing.


On the sell side, marketing an urban property is its own thing. Knowing how to position building amenities and proximity to downtown Minneapolis in front of the right buyers is what moves units in this market.


Frequently Asked Questions


What is the average home price in Loring Park, MN?


Recent data shows a median sale price of approximately $300,000 for the immediate area. Average prices can range higher, with some NorthstarMLS data showing averages around $475,000 for downtown-adjacent neighborhoods. Condo size and building amenities drive a lot of that variation.


Is Loring Park a buyer's or seller's market right now?


It's a seller's market. Recent market data shows just 2.6 months of supply and a median of 34 days on the market. The broader Twin Cities region is also in seller's market territory as of mid-2026.


Are home prices dropping in Loring Park, MN?


No. Recent market data shows the median sale price up about 2 year-over-year. Citywide, Minneapolis home prices rose 3.5 over the three months ending in July 2026.


How do real estate prices in Loring Park compare to the nearby North Loop, Minneapolis, MN?


Both neighborhoods reflect strong demand for urban living. Recent data for the North Loop area shows a median sale price per square foot of $416. Both areas price higher than the overall Minneapolis median of $240 per square foot.


Is it a good time to buy a house or investment property in Loring Park, MN?


It can be, if you're prepared for a competitive environment. Homes are selling at roughly 98.5 of list price, which tells you demand is real. If you find something that fits your budget, acting decisively matters more here than in a slower market.


What amenities are available to residents living in Loring Park?


The area offers immediate access to historic architecture and various city amenities right outside your door. Buyers often appreciate the central location, which provides easy access to things to do in Loring Park, Minneapolis and the surrounding downtown area.


What are the best neighborhoods around Loring Park, Minneapolis for buyers?


Buyers looking near the urban core frequently consider downtown-adjacent areas and the nearby North Loop alongside Loring Park. Evaluating the best neighborhoods around Loring Park, Minneapolis often comes down to comparing specific building amenities and condo association fees.
 ]]> </description>
    <pubDate>Thu, 08 Oct 2026 11:57:00 -0500</pubDate>
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<item>
    <guid>https://www.minneapolisurbanhomes.com/blog/buying-a-home-in-loring-park-minneapolis-mn-2026-buyers-guide.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/buying-a-home-in-loring-park-minneapolis-mn-2026-buyers-guide.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>Buying a Home in Loring Park, Minneapolis, MN: 2026 Buyer's Guide</title>
    <description> <![CDATA[ 



Loring Park sits just southwest of the central downtown Minneapolis business district - a mix of historic architecture and modern condominiums packed into a walkable, park-adjacent neighborhood. If you're drawn here, you probably want city amenities without giving up green space and walking paths, an appeal similar to buying a home in North Loop, Minneapolis.


Buying in this part of Minneapolis means thinking about things suburban buyers rarely consider: building associations, parking availability, and property ages that can span a century within a single block. Getting a handle on the local inventory before you fall in love with a unit will save you real money.


What to Know About Loring Park Real Estate


Don't come here expecting to find a detached single-family house. The inventory is almost entirely attached dwellings - everything from early 20th-century conversions to late-1970s high-rises packed into a dense urban footprint.


Is Now a Good Time to Buy?


Market conditions in the broader downtown and North Loop areas feed directly into what you'll experience in Loring Park. Right now, inventory has balanced out compared to previous years, which means you're not walking into a frenzy.


With about 2.6 months of supply in the neighboring North Loop proxy area, the market leans slightly toward sellers - but only slightly. It's still approachable. Before you write an offer, pull recent sales in the specific building you're targeting. Building-level demand varies more than neighborhood-level data would suggest.


Who Should Consider This Area


First-time buyers often land here because entry-level condominiums can cost less than detached homes in the suburbs, and the access to downtown Minneapolis offices and public transit lines is hard to replicate. Investors occasionally buy units to hold as rentals, though you'll want to verify HOA rental caps before you get too far down that road - some buildings have strict limits that will kill your business plan at closing.


Downsizing buyers tend to appreciate what this neighborhood does particularly well: single-level living, elevator access, and shared maintenance that removes the Sunday-afternoon chore list.


The Local Housing Market at a Glance


Loring Park is dense and specific enough that agents routinely look at nearby North Loop data to read broader downtown trends. What that data shows right now is a stabilizing environment for condo and townhome sales across the city's core.


Pricing, though, is all over the place - and intentionally so. What a unit commands depends heavily on the building's age, amenities, and exactly where it sits relative to the park.


Median Prices and Recent Trends


The adjacent North Loop area is currently showing a median sale price of roughly $300,000, up about 2 year-over-year. That tells you demand for downtown-adjacent living is holding steady rather than softening. At that price point you're typically looking at one or two bedrooms with standard finishes. If you want a premium unit with a direct view over the park, plan to spend well above that median.


Inventory and Market Competition


Supply sits at about 2.6 months, with homes spending roughly 34 days on the market before going under contract. That pace gives you time to see multiple units before committing - you're not making same-day decisions on most listings here.


Homes are selling at about 98.5 of list price on average. That said, roughly 27 of recent sales closed above asking, so the most desirable units in well-managed buildings still attract competitive bids. Know which category your target unit falls into before you anchor to list price.


Types of Homes for Sale and Price Ranges


Detached single-family homes are exceedingly rare here. You're shopping condominiums, townhomes, and multi-unit buildings - from efficient studios to sprawling penthouse suites.


Condos and Townhomes


Condominiums make up the bulk of what's available in Loring Park. Shared maintenance, secured entry, fitness centers, community rooms, rooftop decks - the amenity package varies building by building, and so does the monthly dues figure that comes with it. Townhomes offer a middle ground: private entrances and occasionally attached garages. They're less common than high-rise condos, but they do appear on the neighborhood's quieter side streets.


Entry-Level Options and Luxury Pockets


If you're working below the $300,000 median, older and smaller units are your realistic options. They may need cosmetic updates or lack premium views, but they get you into the neighborhood. On the other end, the highest floors of prominent buildings and historic mansions converted into sprawling condos can push past a million dollars. Park views, extensive square footage, and price tags to match.


Micro-Neighborhoods and Enclaves: Where to Look


Loring Park is already a distinct neighborhood, but the streets immediately surrounding the green space each have their own character. Address and building name drive lifestyle and HOA costs here more than almost anything else. The highest concentration of residential buildings lines the park itself and the pedestrian-friendly greenway.


Popular Streets and Buildings


You'll see buyers circling a handful of specific addresses repeatedly. Prominent buildings include 510 Groveland - a 1927 Beaux-Arts building with 70 units - and Loring Way Condos, a 182-unit building from 1979. Other addresses that come up regularly: 301 Oak Grove, Groveland Terrace, Loring Green Condominiums, The Groveland, 1225 LaSalle, 1200 On The Mall, Park Mansion Condominiums, and Summit House. If walking to downtown without touching a car matters to you, look specifically at properties clustered around the Loring Greenway.


Landmarks and Surroundings


The neighborhood centers on Loring Park itself, anchored by the Berger Fountain - the one locals call the Dandelion Fountain. It's the visual and social center of everything around it. The Basilica of Saint Mary sits on the neighborhood's edge, adding historic architecture to the skyline. For many buyers, sightlines to these landmarks factor into which units end up on the shortlist.


Location, County, and Getting Around


Loring Park sits in Hennepin County, Minnesota, just southwest of the central downtown business district. Geographically, it functions as a transitional zone between the dense city core and the broader residential neighborhoods to the south, with immediate access to major interstates and city thoroughfares.


Hennepin County and Local ZIP Codes


The neighborhood falls entirely within Hennepin County. When you're searching listings, you'll primarily be working with the 55403 and 55404 ZIP codes. Property taxes and municipal services run through the city of Minneapolis and Hennepin County - verify the specific tax rate for any building you're seriously considering, because it does vary.


Commuting and Airport Access


Interstate 94 and Interstate 394 both border the neighborhood, so getting out of the city is straightforward when you need to. Downtown Minneapolis is walkable, bikeable via the greenway, or a short drive depending on where exactly you're going. For frequent travelers, the Minneapolis-St. Paul International Airport (Wold-Chamberlain Airport) is about a 21-minute drive - practical if you're in and out of town regularly for work.


Cost of Living and Lifestyle Details


Living near downtown Minneapolis costs differently than suburban homeownership. Monthly association dues sit on top of your mortgage and property taxes, and those dues can swing significantly from one building to the next. The tradeoff is a dense, walkable environment with easy access to arts, dining, and recreation.


Population and Age Demographics


Loring Park has a total population of approximately 10,107 residents. The 2020 U.S. Census counted 9,718 residents - a 23.4 increase from 2010. The median age is 37, with about 13.9 of the population under 18 and 18.1 over 65. It's a mix of working-age adults and retirees, which tracks with a neighborhood built around walkable amenities and transit access.


Climate and Year-Round Weather


Minnesota's four seasons are real, and winter here is not abstract. If you're buying a condo, confirm whether the building offers heated underground parking before you get attached to it - scraping your car out of an exposed surface lot in January gets old fast. The park's walking paths and the adjacent greenway are well-used through the warmer months, and during winter the city maintains the paths; the local pond occasionally becomes a skating rink.


Finding a Real Estate Agent in Loring Park


Buying a condo is not the same transaction as buying a suburban house, and not every agent knows the difference. You need someone who can read association documents and building financials - not just tour you through units. Interview multiple people and find someone who specifically knows the buildings along Oak Grove and LaSalle.


Choosing a Local Expert


Look for an agent with recent closed transactions in Hennepin County, specifically in the 55403 or 55404 ZIP codes. That experience means they'll already know which buildings are carrying pending special assessments or have restrictive rental policies. Ask them directly about parking rights and storage unit deed transfers. These details sound minor until they complicate your closing - and they do, regularly, when they're not addressed upfront.


Commissions and Fees


Commissions are negotiated between the seller and their listing brokerage. The listing broker often offers a portion of that fee to your agent, though you may need to cover the difference if the offered amount falls short of your buyer agency agreement. Ask your agent to walk you through exactly how they're compensated before you sign anything. No surprises at the closing table.


The Home-Buying Process: Step by Step


In a competitive condo market like Minneapolis, preparation isn't optional. The timeline from accepted offer to closing typically runs 30 to 60 days, and delays usually trace back to financing or HOA documentation issues that could have been caught earlier.


Pre-Approval and Financing


Get your mortgage pre-approval before you start touring units at Summit House or The Groveland. Condo financing requires the lender to approve both your personal finances and the building's financial health - it's a two-part process that takes longer than a standard home purchase. Your lender will include monthly HOA dues in your debt-to-income ratio calculation, and high association fees can reduce your total purchasing power meaningfully. Run those numbers before you fall for a building with $800-a-month dues.


Inspections, Red Flags, and Closing Costs


Hire a licensed inspector even for a condo. The unit's plumbing, electrical systems, and HVAC equipment are typically the owner's responsibility to maintain, and problems there are your problem after closing. Read the HOA documents carefully - low reserve funds and upcoming special assessments for roof repairs are the two things that most reliably surprise buyers who didn't look closely enough. Budget for standard Minnesota closing costs as well, including state deed taxes and title insurance fees.


Frequently Asked Questions (FAQ)


Is Loring Park, MN a good place to live for first-time home buyers?


Yes, it offers a real entry point into the Minneapolis market. First-time buyers can find affordable condominiums that cost less than detached homes in the suburbs, while still getting immediate access to downtown amenities and the Loring Greenway.


Is Loring Park an expensive place to buy a home compared to the North Loop, Minneapolis, MN?


It depends on the specific building and unit. The median sale price in the nearby North Loop is roughly $300,000, but Loring Park has both entry-level condos below that figure and luxury units in historic buildings that cost significantly more.


How much do real estate agent commissions cost in Loring Park?


Commissions are entirely negotiable and vary by brokerage. The seller typically negotiates the total fee with their listing broker, who may offer a portion to the buyer's agent - but buyers should clarify exactly how compensation works before signing a representation agreement.


How do I find the best real estate agent in Loring Park?


Interview agents who have specific experience selling condos in the 55403 and 55404 ZIP codes. You want someone who understands HOA document reviews, special assessments, and the particular quirks of buildings like 510 Groveland or Loring Way Condos.


What types of homes are for sale across Loring Park's micro-neighborhoods, and what are their price ranges?


Almost exclusively condominiums and townhomes. Prices run from entry-level units below the $300,000 median up to multi-million dollar luxury penthouses overlooking the Berger Fountain.


How long does the step-by-step home-buying process typically take in the downtown Minneapolis real estate market?


From accepted offer to closing day, plan on 30 to 60 days. Buildings with complex HOA documentation can stretch that timeline, which is another reason to get your pre-approval and due diligence process moving early.


What are the common pitfalls, such as hidden HOA fees, to watch out for when buying a condo in Loring Park or the North Loop?


Low HOA reserve funds and pending special assessments for major building repairs are the two that catch buyers most often. Also confirm whether parking spaces and storage units are deeded to the property or leased separately - that distinction matters more than most buyers realize until it's too late.
 ]]> </description>
    <pubDate>Thu, 08 Oct 2026 10:29:00 -0500</pubDate>
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    <guid>https://www.minneapolisurbanhomes.com/blog/what-higher-mortgage-rates-mean-for-home-sellers.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/what-higher-mortgage-rates-mean-for-home-sellers.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>What Higher Mortgage Rates Mean for Home Sellers</title>
    <description> <![CDATA[ 



 


Higher mortgage rates don't just affect buyers. They can change what it takes to sell your house, too.


That's because today's buyers are paying close attention to affordability. And when rates rise, even a relatively small change can make a noticeable difference in their monthly payment. So, they're looking for ways to make the numbers work. And in some markets, new construction is giving them exactly that.


If you're planning to sell, that doesn't mean you can't compete. But it does mean you need to understand what builders are doing to win over buyers – and what options you have, too.


Builders Are Competing on the Monthly Payment


New construction has something interesting going for it right now. While existing-home sales  (homes that have previously been lived in) continue to struggle under the weight of higher mortgage rates, new-home sales are holding up a bit better.


In a recent interview, Logan Mohtashami, Chief Economist at HousingWire explains new-home sales are at an 8-month high and are now running around 2019 levels. On the flip side, existing home sales are lagging behind and fall about 1 million home sales short of 2019 levels.


One big reason builders have been able to navigate higher rates differently is incentives. According to Realtor.com, nearly 1 in 5 (18.8) newly built homes come with some kind of buyer incentive advertised up front:





The most common may surprise you. As the graph shows, many builders are offering reduced rates, sometimes through something called a mortgage rate buydown.


It’s essentially where they pay upfront costs to help buyers get a lower rate, and by extension, a lower monthly payment. It has obvious draws for buyers. For homebuilders, it helps them get their houses sold. So, a lot of builders see it as a win-win. That’s why reduced rates are a part of 13.8 of new home listings.


In some cases, builders are offering rates below 6, maybe even far below 6. And that can help buyers shave hundreds off their monthly payment. That's a big difference to a buyer who are feeling the pinch right now.


So, How Can Sellers Like You Compete?


First, don't assume a mortgage rate buydown is something only a builder can offer. Sellers can contribute toward a buyer's rate buydown too, depending on the loan and transaction. Does that mean you should offer one? Or that you have to if you want to compete? Not necessarily.


A buydown is just one possible lever. Depending on your market and the buyer, it may make more sense to negotiate on price, contribute toward your buyer’s closing costs, make repairs, or make sure your house stands out in ways a new build can't. That's why working with an agent who knows your local competition matters. Joel Berner, Senior Economist at Realtor.com, says:




“Sellers of existing homes are facing a lot of competition from the new-home space. . . so sellers should highlight the local amenities of their neighborhoods in contrast to the more suburban or exurban communities where many new homes are built.”




A great agent will do this naturally anyways. Knowing what makes your house different and showcasing that in your listing can help your house stand out. And remember, being open to making a few compromises or throwing in some concessions can make a bigger difference for buyers than you may think.


Today's Market Rewards Sellers Who Adapt


Builders have also been quicker to adjust their prices based on what buyers can actually afford and where demand is. That's putting pressure on the resale market in some areas. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains:




“. . . existing homeowners now have to do the price discovery that builders have been doing since 2022.”




That's an important message if you're hoping to sell.


You don't automatically need to slash your price or offer a big concession. But you do need to price and market your house based on what buyers can pay today – not what sellers could get a few years ago.


And remember, this varies tremendously by location. New construction represents a much bigger share of the competition in some markets than others, and builder incentives aren't equally common everywhere. So, lean on an agent to see how big of a factor builders are in your area.


Bottom Line


Higher mortgage rates are making buyers more cost-conscious. Builders know that, and many are responding with reduced rate, closing-cost help, price reductions, and other incentives.


If you're thinking about selling, let's look at what buyers are getting from other homes in our area – including new construction – and make sure your house is positioned to compete.
 ]]> </description>
    <pubDate>Thu, 01 Oct 2026 10:34:00 -0500</pubDate>
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    <guid>https://www.minneapolisurbanhomes.com/blog/hoping-for-or-dreading-a-housing-crash-the-experts-just-weighed-in.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/hoping-for-or-dreading-a-housing-crash-the-experts-just-weighed-in.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>Hoping for (or Dreading) a Housing Crash? The Experts Just Weighed In.</title>
    <description> <![CDATA[ 



 


Half the buyers out there are scared home prices are about to crash. The other half are hoping they will.


A recent survey from Clever found 58 of Gen Z buyers are actually rooting for a crash, just so homeownership feels within reach.


So, what do the forecasts actually say?


Every quarter, Fannie Mae surveys more than 100 housing experts on where prices are headed. The newest results are in. And spoiler alert: they’re not calling for a crash – not even the pessimists.


What the Newest Numbers Actually Say


The panel's latest forecast has prices climbing every single year through at least 2030.


The panel's average forecast is that prices will rise by 14.7 in the next 5 years. And here’s where it gets really interesting. If you split these experts into optimists and pessimists, even the pessimists still expect prices to increase about 6.6 by the end of 2030 (see graph below):





The takeaway? If you've been waiting for prices to fall, you may be waiting a while.


One thing to keep in mind though – these are national numbers. Prices in your area could run a little hotter or a little cooler than this, so it helps to know what’s happening locally, too. But the big picture is prices aren’t crashing. Historically prices usually rise.


How This Quarter Compares to the Past


Here’s something you probably don’t realize. This survey runs 4 times every year, so you can track the panel's mood over time.


A year ago, the panel expected home prices to grow 2.1 this year. Now they’re forecasting 2.5. That means the near-term outlook actually got more optimistic. But that’s only part of the story. The years after that shifted, too (see graph below):





Zoom out to 2027 through 2029 and the mood has cooled a bit. Each of those years is now expected to see a little less growth than the panel thought a year ago. That’s likely a reflection of where we are right now with everything that’s impacting the housing market.


But again, the overall takeaway here is every bar shows an increase in prices – the size of that increase has just moderated due to some of the factors at play.


A slower climb isn’t a bad thing, though. It’s a sign the market is settling into a more normal pace after a few wild years.


A little more growth here, a little less growth there. What hasn't budged once is the idea that home prices will keep growing.


What It Means for Your Next Move


Now, percentages are great, but you probably care more about the actual dollars and cents of your move, so let’s graph that out, too.


Run the numbers on a $400,000 home bought in January, and the panel's latest forecast puts you up about $58,000 in equity in 5 years just from price growth (see graph below):





That’s real wealth you could be building while others sit on the sidelines, waiting for a crash the experts don’t see coming. And with prices expected to keep rising, waiting could mean paying more for the same home later.


Bottom Line


Whether you're bracing for a crash or hoping for one, the verdict is the same – prices are still expected to rise, not fall. Let's talk about what that means for your market and your plans.
 ]]> </description>
    <pubDate>Wed, 30 Sep 2026 09:32:00 -0500</pubDate>
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    <guid>https://www.minneapolisurbanhomes.com/blog/3-things-you-can-actually-control-about-your-mortgage-rate-right-now.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/3-things-you-can-actually-control-about-your-mortgage-rate-right-now.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>3 Things You Can Actually Control About Your Mortgage Rate Right Now</title>
    <description> <![CDATA[ 



 


If you're trying to buy a home, affordability is probably what keeps you up at night. And as you watch mortgage rates tick up again lately, it’s fair to wonder if you should just hit pause and wait for them to go down.


For now, though, they’re headed the other way. Mortgage News Daily data shows how rates have risen this year (see graph below):





And if you’re wondering why? There are actually a number of reasons. 


Mortgage rates are impacted by the situation overseas, economic data, inflation numbers, oil prices, and even decisions from the Federal Reserve (who recently decided to hike their Fed Funds Rate – which often affects mortgage rates too). As Danielle Hale, Chief Economist at Realtor.com, explains:




“The pressure on mortgage rates was here even before the Fed rate hike, and it doesn’t show signs of relenting. . .”




Now, that’s probably not what you wanted to hear. But, it doesn’t mean there’s nothing you can do. While you can't control where rates go from here, you absolutely can control several things that shape the rate you actually get. 


So where should you focus? Let's walk through it.


Work on Your Credit Score


Your credit score plays a big role in the rate you qualify for, and even a small improvement can make a real difference in your monthly payment. As Freddie Mac puts it:




&quot;Generally, the higher your credit score the more options will be available to you, including better loan terms and a lower interest rate.&quot;




So, make sure you do what you can to keep your credit score up. If you're not sure where your score stands right now, or how to improve it, talk to a trusted loan officer.


Explore Your Loan Options


The type and term of your loan both affect your rate. Conventional, FHA, VA, and USDA loans each come with their own requirements and rates, and your term (15, 20, or 30 years) changes both your payment and the total interest you'll pay. The structure matters, too. A fixed-rate loan holds the same rate over time, while an adjustable-rate loan usually starts lower and can move later on. Bankrate explains it this way:




&quot;. . . rates on fixed-rate loans are typically higher than introductory rates on adjustable-rate loans because the fixed-rate lender takes on the risk that rates could increase during the loan’s term. Likewise, government-backed FHA, VA and USDA loans sometimes have lower rates because they have a government guarantee or insurance that cuts the lender’s risk.&quot;




It’s important to explore your options with a lender to see what makes the most sense for you. Just be sure to balance your goals, your possible rate, and any potential tradeoffs before making any decision. You may even want to talk to multiple lenders to see how the options vary. 


Consider a Newly Built Home


Another path to a lower rate comes down to the kind of home you buy. Many builders are buying down mortgage rates, which lowers your monthly payment. It’s just one way they’re trying to attract buyers and get their homes sold.


According to Realtor.com, buyers of newly built homes landed a lower average rate last quarter than buyers of existing homes (see graph below):





If a lower rate is your goal, it may be worth asking your agent to show you some new build communities that are offering this type of incentive locally.


Bottom Line


You can't control where mortgage rates go, but you can control your credit, your loan, and the kind of home you buy. Working with a trusted lender can help you lock in the best rate you qualify for. And when you’re ready to make a move that fits your budget, let’s connect.
 ]]> </description>
    <pubDate>Tue, 22 Sep 2026 10:54:00 -0500</pubDate>
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    <guid>https://www.minneapolisurbanhomes.com/blog/selling-this-fall-you-want-to-get-these-4-things-right.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/selling-this-fall-you-want-to-get-these-4-things-right.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>Selling This Fall? You Want To Get These 4 Things Right.</title>
    <description> <![CDATA[ 



 


Selling your house this fall is absolutely doable. But there’s something you need to know about this time of year. 


Buyer activity typically starts to slow while the number of homes for sale climb – and you need the right strategy to get attention in this type of market.


The good news? There’s a lot you can control.


From how you price and present your house to how you negotiate and respond to feedback. Here are four things you’ll want to get right this fall. 


1: Price To Get Buyers’ Attention


In the fall, there are typically fewer buyers looking and more homes for them to choose from. So, you want to make the most of every buyer who comes across your house.


And your price is one of the first things that can make them stop and take a closer look – or keep scrolling. 


That’s why this isn’t the time to start high “just to see what happens.”


If buyers think your house is overpriced, they have plenty of other options to move on to. And that could leave you sitting and waiting.


So, if you want to sell before year-end, work with your agent to find the right price for your house and today’s market. That may mean listing at market value – or even slightly below it – to grab buyers’ attention.


Redfin explains how a seemingly small difference can change your buyer pool: 




“Buyers often search in round-number price brackets, so pricing at $499,000 instead of $505,000 can make your home appear in more searches and feel like a better deal.” 




2: Make a Great First Impression


When buyers had very few homes to choose from, they were often more willing to overlook dated finishes or a house that needed some work. That’s harder to count on now.


With more choices, how your house looks online and in person can determine whether it makes a buyer’s shortlist at all.


That doesn’t mean you need a full renovation before you sell, but you should take care of essential repairs, do what you can to boost curb appeal, and make sure your house photographs well. Maybe that’s some light staging, maybe it’s swapping out faucets or lights, or maybe a fresh coat of paint. Small details can help a lot.


After all, you only get one chance to make that first impression. Make it count.


3: Stay Open To Negotiating


Some sellers are still expecting the kind of leverage they had a few years ago. But in many markets, buyers have more negotiating power today and there’s a lot more give and take.


The latest data from Redfin shows 46.2 of sellers gave buyers some type of concession. So, consider throwing in a little help with closing costs or covering a repair. Almost half of sellers are.


The takeaway? Playing hard ball may not get you what you want. But being flexible might. The key is not getting so focused on “winning” every individual negotiation that you lose sight of the bigger goal: making your move happen.


Sometimes a small concession is what gets you to the closing table.


4: Know When It’s Time To Adjust


Sometimes your house tells you when something isn’t working. Maybe you’re getting plenty of online views but very few showings. Or buyers are coming through, but you’re not getting offers. Or maybe buyer feedback has one recurring theme.


Pay attention to those signals. They can help you figure out what needs to change.


Let’s say your price is the most common point of feedback. Talk to your agent about a price drop. It doesn’t have to be a big change to make a big difference. The average price cut right now is 4 according to HousingWire Data. That’s normal.


Now, that doesn’t mean you should panic and slash your price after a week. It means you and your agent should pay attention to what buyers are telling you and adjust if you need to.


Sometimes the smartest move isn’t waiting for the right buyer. It’s making sure you’re giving that buyer a reason to act.


Bottom Line


Selling this fall is absolutely doable. And now you know four of the biggest things to get right.


If you want to sell before the end of the year, let’s make sure you have a winning strategy from day one.
 ]]> </description>
    <pubDate>Thu, 17 Sep 2026 09:47:00 -0500</pubDate>
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    <guid>https://www.minneapolisurbanhomes.com/blog/selling-this-fall-you-havent-missed-your-window.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/selling-this-fall-you-havent-missed-your-window.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>Selling This Fall? You Haven't Missed Your Window</title>
    <description> <![CDATA[ 



 


Summer's winding down, and if you've been thinking about selling, you might be wondering if you missed your chance. Better to wait until next year or even next spring, right?


Not so fast. About one in three of all home sales happen in the last four months of the year.


Fall Is Busier than You Think


Data from the National Association of Realtors (NAR) shows around a third of existing home sales happen in the final four months of the year. And that share has grown every year since 2023 (see graph below):





Here's What That Means for You


According to forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), NAR, and Wells Fargo, there will be about 4.16 million existing home sales this year. Based on how many sales have happened so far, that means roughly 1.4 million sales are expected between now and December.


That's about 11,800 houses selling every single day this fall.


So, the market isn't frozen and you don’t need to put your plans on ice either. Yes, higher rates are keeping some buyers on the sidelines. But hold out for next spring, and you'll sit out months when other serious buyers are ready to move before the new year.


How do you get in front of those buyers who are still out there looking right now? Getting your house sold this season comes down to how well it's priced and presented,  and that's where a local agent shines.


A good agent knows what buyers in your area want right now, prices your house to match this fall's market, and positions it to stand out to the serious buyers shopping before year-end. From the first photo to the final offer, they handle the details that turn your house on the market into one of the 11,800 selling every day.


Bottom Line


Listing this fall doesn't mean your house will sit on the market until spring. Buyers are out there right now, ready to make a move before the new year – and your window is still open.


Let's connect and make yours one of the homes that sells this season.
 ]]> </description>
    <pubDate>Mon, 14 Sep 2026 11:06:00 -0500</pubDate>
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