Minneapolis is so hot right now, real estate brokerage Redfin predicts two of its up-and-coming neighborhoods will be among the most popular places to move in 2016.
South Minneapolis’ Ericsson ranks No. 3 on Redfin’s “Top 10 Hottest Neighborhoods”, falling just short of Chicago’s Ukrainian Village and Nashville’s Eastwood. Powderhorn Park ranks No. 9. Minneapolis is the only city that made the list more than once.
Redfin sorted these neighborhoods by analyzing pageviews on its own site to see which homes users favorited. The “hot” factor has to do more with house sales than the rental scene, and depends on where Redfin is popular among real estate surveyors.
Still, some common themes among the chosen 10 shed light on why Ericsson and Powderhorn Park deserve their moment in the sun.
Ericsson has a median sale price of $224,900. Powderhorn’s is $180,000, making them more affordable than trendy neighborhoods like Kingfield and Northeast.
Both have magnificent outdoor amenities – Ericsson is located between Lake Hiawatha and Minnehaha Falls, and Powderhorn’s got a rocking park. The architecture isn’t cookie-cutter.
“I think with the advent of light rail, both of the neighborhoods we represent, Standish and Ericsson, have suddenly popped up on people’s radar,” says Shirley Yeoman of the Standish-Ericsson Neighborhood Association. “They’ve always been these great neighborhoods with these cute little bungalow houses, but people just kind of didn’t know that. It’s got everything in a small area.”
According to Chris Prescott, a Redfin agent who has worked in the Twin Cities for more than 25 years, Ericsson and Powderhorn Park are considered the next wave, hidden gems in Minneapolis that the masses haven't already piled on.
"A lot of the neighborhoods [like Kingfield and Northeast] are already cool, they've already been established as hip and new and trendy, so what this report does is go, 'What's next?'" Prescott says. "When you try and buy in some of those areas, the prices have already started to go up, there's tougher competition. Nobody has really thought about [Ericsson and Powderhorn Park] as much."
But why Ericsson and not Standish? The two neighborhoods are close enough that locals connect them, Yeoman says. However, Standish is a bit farther away from Lake Hiawatha, and that can make all the difference.
“Standish doesn’t have a lake. That probably has something to do with it."