Maple Grove is a great example of the dramatically changed new single family home construction market. Just two years ago the typical new Maple Grove home was about $625,000 – today it is about $500,000 and still falling. Maple Grove’s largesse peaked in 2007 when the 12-month rolling average median sales price hit $690,000!
While the cost for land and the material/labor cost of building homes have dropped, the house itself is also changing. Consumers are building smaller and more economical homes than they were 2 and 3 years ago – the ultra-high-end finishes can still be found in some homes but many new construction are being built with more modest materials. Opulence is out – functionality and affordability are in.
Don’t get me wrong, $500,000 is still a lot of money to spend on a new home but it’s far less than what was being spent just a few years ago!
What I found intriguing was that as the average house price has fallen, new construction home sales have risen! As the price point has dropped the number of potential buyers able to afford those homes has increased!
This trend can be found throughout the region but there are few places that demonstrate the trend as clear as Maple Grove.
Take a look at the charts below or search for new construction Maple Grove homes for sale.
Maple Grove MN Home Sales – Median Sales Price
Rolling 12 Month Average
Maple Grove MN Home Sales - Median Sales Price
Rolling 12 Month Average – Plotted Monthly
Maple Grove MN Home Sales - Homes Sales
Rolling 12 Month Average – Plotted Monthly
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