Overview of the Commercial and Residential
Real Estate Market in Minnesota
Located in Bloomington, Minnesota, the Mall of America has more than 9.5 million square feet and is the size of 78 football fields. It has more than 40 million annual visitors, making it the most visited mall in the world. The world's largest pelican stands 15.5 feet tall in downtown Pelican Rapids, and the largest urban sculpture garden in the country is the Minneapolis Sculpture Garden. Also in Minneapolis, the renowned skyway system that connects 52 blocks of downtown and makes it theoretically possible to work, eat, shop, and live without ever going outside. Approximately 400,070 of the 5,420,380 total Minnesotans live in Minneapolis, according to the U.S. Census. More than 45 percent of them have a Bachelor's degree or higher. The median household income is $49,885 compared with $59,836 for the state. The median home value in Minneapolis is $208,100. The median home value across the state is $187,900. Fifty-one percent of Minneapolis residents live in multi-family structures and less than half own their own home.
The Mayo Clinic, located in Rochester, recently launched a 20-year, $5 billion expansion plan. This has fuelled new construction and rising real estate prices. Rent for some areas of downtown are as high as $30 per square foot. While this gives rise to new hotels and larger businesses, it is edging out many small businesses that were located in the area for decades, according to MPR News. The Minneapolis-Saint Paul area economy is second only to Chicago in the Midwest and is home to many industries from health care to electronics. The Twin Cities are responsible for 63.8 percent of the state's gross state product. Commercial real estate is strong in the major cities, while a poor home affordability index keeps the demand for apartments high.
Office Rental and Executive Suites in Minneapolis, MN
How to Become a Realtor in Minnesota
The Minnesota Department of Commerce regulates and oversees the licensing and conduct for all agents across the state. There are three pre-licensing courses and two exams required to become an active agent in Minnesota. Course 1 must be passed prior to taking the real estate exams. Course 2 and Course 3 can be completed before or after passing the exams. Applicants must pass both parts of the exams and apply for their license within a year of completing the pre-license courses. If more than a year has passed, applicants must retake Course 1 and retake the exams. Minnesota has license reciprocity agreements with North Dakota, South Dakota, Colorado, Iowa, Nebraska, Oklahoma, and Wisconsin. Agents in these states must fax a letter certifying they are an active agent in good standing. The letter can be no more than 90 days old.