The web maps you see here are about housing values: both current values and declines in value since 2007, the peak year before the crash. We restrict our analysis to neighborhoods that have at least 25 residential and single-family parcels. We did not count parcels with values under $10,000, assuming they were vacant lots or boarded homes. We ignored condominiums or townhomes. We focus on the median value of each neighborhood, so results are not affected by few high or low value properties. Neighborhoods are presented in four classes, with classes defined by natural breaks in the data
The map of Current Estimated Market Value shows the 2011 value of homes in Minneapolis. The highest values in Minneapolis are the traditionally high-value homes around the lakes and into southwest Minneapolis. The lowest values in are in areas close to downtown, many with smaller, older homes that were maintained well over the years. These low values extend from downtown to the northern city limits.
The companion map of Change in Value Since 2007 shows the effect of the Great Recession from the period of peak housing values. It explains why so many people are “under water” on their loans. In Minneapolis, the vast majority of neighborhoods have not recovered their earlier values. The few that have recovered are in the upper tier of values. The poorest neighborhoods have had the steepest declines in value. In Minneapolis, Northside values are 31% or more below their 2007 values. These neighborhoods had excessively inflated values during boom times and are now available at bargain prices.