Thanks for your note. The housing market here in Minnesota has shifted, like most parts of the country, to a strong buyer's market. We are finding a large supply of properties for sale, both MLS listed and non-MLS listed.
The buyer demand is still strong. Our team is finding many properties, especially REO listings, going to a multiple offer situation.
The single family home in Minnesota is still in demand, however prices have dropped with the current oversupply. Long term, Minnesota has been a slow and steady appreciating state. It has averaged a little over 6% since 1940 (
www.census.gov data.)
The multifamily market is doing fair, with an increased rental demand over the last 18 months forcing prices upward slightly. If people aren't buying homes at the same pace, they are renting of course. And you see a direct correlation between the value of a multi-unit building and the rental income it brings in.
Luxury homes in Minneapolis are still selling, but market time has increased significantly year over year.
Honestly, I don't know much about Jamaica, but have heard many wonderful things about it. I hope this information helps out and answers some of your questions about our local real estate market.