The minneapolis metro area is well over 3 million. The city of minneapolis is relatively small with most of the homes built before WW2. It was completely subdivided and developed to the borders prior to WW2. The only reason it has grown in recent years is due to high density urban condo projects. There are many densely populated suburbs the have grown, but minneapolis proper ran out of land 100 years ago…
Growth maybe the reason for home prices, but I doubt it. There are many communities that have grown vastly which are not so expensive.
To the old people turn over issue. If there are less old people selling the paid off home (something I am far from convinced of, lets see the data), there are less people buying a new one. So by the numbers it should be a wash.
I think it comical when people believe the S. California prices are justified. There is no good reason outside of widespread and long standing fiscal irresponsibility.
