Minneapolis, MN
Housing Market
Minneapolis' housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Minneapolis' supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
Verified Data
Updated Monthly
Fast Insights
Real-time Analytics
Last updated
Overview
Supply
Demand
Buy or SellMinneapolis Housing Market Overview
The dynamic housing market in Minneapolis boasts a variety of properties, from cozy bungalows to upscale condominiums. The median home price has increased by 10.1% year-over-year to $340,000. Homes in the city currently stay on the market for an average of 50 days. However, there has been a slight decline in the number of homes sold, with 262 properties changing hands this month — down 5.8% compared to last year.
Despite this slight decline in sales activity, Minneapolis continues to be a thriving real estate market, driven by its robust economy, cultural attractions, and excellent schools. The city's neighborhoods offer a mix of urban living and green spaces, which makes it an appealing destination for buyers from across the country. Sellers in Minneapolis can benefit from this steady demand by pricing their homes competitively, and emphasizing any unique features to stand out in the market.
Despite this slight decline in sales activity, Minneapolis continues to be a thriving real estate market, driven by its robust economy, cultural attractions, and excellent schools. The city's neighborhoods offer a mix of urban living and green spaces, which makes it an appealing destination for buyers from across the country. Sellers in Minneapolis can benefit from this steady demand by pricing their homes competitively, and emphasizing any unique features to stand out in the market.
Median Sale Price
$
0% year-over-year
All Home Types 
1 year
3 year
5 year
Minneapolis
Minneapolis Housing Supply
Minneapolis is an attractive market for real estate investors, thanks to its diverse properties. Currently, there are 746 Minneapolis houses for sale, a 10.23% decrease compared to the previous year. The months of supply in Minneapolis stand at 2.9 months, which points to a competitive market with relatively low inventory.
Minneapolis' housing supply is influenced by seasonal trends. New listings tend to rise during the warmer months, as both buyers and sellers aim to close before winter. The city's appeal stems from its thriving economy, vibrant cultural scene, and access to outdoor recreation. Popular neighborhoods like Uptown, Linden Hills, and North Loop offer a range of housing options, from historic homes to sleek, modern apartments. Minneapolis' robust infrastructure, parks, and lakes further enhance its allure for both local and out-of-state buyers.
Minneapolis' housing supply is influenced by seasonal trends. New listings tend to rise during the warmer months, as both buyers and sellers aim to close before winter. The city's appeal stems from its thriving economy, vibrant cultural scene, and access to outdoor recreation. Popular neighborhoods like Uptown, Linden Hills, and North Loop offer a range of housing options, from historic homes to sleek, modern apartments. Minneapolis' robust infrastructure, parks, and lakes further enhance its allure for both local and out-of-state buyers.
# of Homes for Sale
0% year-over-year
All Home Types
1 year
3 year
5 year
Minneapolis
Minneapolis Housing Demand
The Minneapolis housing market has seen a noticeable shift in competition. Currently, 31.7% of homes sell above their list price, which indicates a healthy demand for properties. On the other hand, 18.8% of homes have experienced price reductions. This means that some sellers are having to adjust their expectations in the current market. However, the sale-to-list price ratio stands at 98.9%, meaning that most sellers still achieve the price they set for their homes.
In this market, strategic pricing remains key for sellers. Pricing a home appropriately from the start can help avoid the need for price reductions in the future. If the sale-to-list price ratio remains around 100%, sellers are likely to get close to their asking price. Buyers, on the other hand, should focus on homes with longer listing periods and those with price reductions, as these may offer more flexibility in negotiations.
In this market, strategic pricing remains key for sellers. Pricing a home appropriately from the start can help avoid the need for price reductions in the future. If the sale-to-list price ratio remains around 100%, sellers are likely to get close to their asking price. Buyers, on the other hand, should focus on homes with longer listing periods and those with price reductions, as these may offer more flexibility in negotiations.
Homes Sold Above List Price
%0% year-over-year
All Home Types
1 year
3 year
5 year
Minneapolis
Strong
Buyer
Buyer
Balanced
Seller
Strong
Seller
Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Minneapolis Housing Market: When to Buy or Sell?
Minneapolis' housing market cycles between buyer-friendly and seller-friendly conditions depending on market trends. Similar to the broader Minnesota real estate market, the Minneapolis market fluctuates, with each season bringing different advantages. When inventory rises and competition slows, buyers gain more room for negotiation. In contrast, sellers benefit from higher prices and quicker sales when demand outpaces supply.
Additionally, if Minneapolis' supply period rises above the balanced range of the US real estate market (5 to 6 months), buyers may find more time to evaluate their options. Knowledge of these variables allows buyers and sellers to strategically time their transactions, and make informed choices in the current market.
From Hot Trends to Hidden Gems—All in Your Pocket!
The Houzeo app brings the entire real estate journey to your fingertips. Browse, list, and close—anytime, anywhere.
Download the Houzeo Mobile App Now!
Check the Real Estate Trends in Your State
- Alabama Housing Market
- Alaska Housing Market
- Arizona Housing Market
- Arkansas Housing Market
- California Housing Market
- Colorado Housing Market
- Connecticut Housing Market
- Delaware Housing Market
- Florida Housing Market
- Georgia Housing Market
- Hawaii Housing Market
- Idaho Housing Market
- Illinois Housing Market
- Indiana Housing Market
- Iowa Housing Market
- Kansas Housing Market
- Kentucky Housing Market
- Louisiana Housing Market
- Maine Housing Market
- Maryland Housing Market
- Massachusetts Housing Market
- Michigan Housing Market
- Minnesota Housing Market
- Mississippi Housing Market
Show more
Search by Top Cities in Minnesota
Frequently Asked Questions
How have the price of Minneapolis houses changed over the past year?
Over the past year, the average house price in Minneapolis has reached $340,000, which is an increase of 10.1% YoY. You can check your home's fair market value with our free home value estimator to decide on your initial asking price and compare it with other properties in your area.
What are Minneapolis real estate market predictions for 2025?
The Minneapolis housing market is expected to continue its steady growth in 2025. Demand for homes will be robust due to the city's strong economy and quality of life. Rising mortgage rates may affect affordability for some buyers. But overall, the market is projected to remain stable with slight appreciation in home values.
What's the average home price in Minneapolis?
Home prices in Minneapolis, MN, vary depending on the property type, size and location. Condos typically average $230,250, while single-family homes are priced around $360,000. Minneapolis offers a range of housing options for different budgets. You can always find cheap homes for sale in Minneapolis to suit your needs.
Is this a good time to buy a home in Minneapolis?
It's important to assess current market trends, including inventory and mortgage rates. Buyers may find favorable opportunities when inventory levels are higher and mortgage rates stabilize. If supply is plentiful, it could be an ideal time to purchase a home in Minneapolis.
Where can I check Minneapolis housing market trends?
Minneapolis' housing market tends to remain stable year-round. Homes in the area generally stay on the market for around 50 days. For those looking to invest, it's important to monitor current housing market trends to decide on the best time to act.
When will the Minneapolis housing market crash?
According to the Minneapolis housing market forecast for 2025, the market is unlikely to crash. In fact, home prices are expected to see steady growth through the year. However, if inventory rises significantly, there could be price adjustments as supply catches up with demand.
How to buy a home in Minneapolis?
Start by setting a clear budget and obtaining mortgage pre-approval. After this, you can begin your search for homes for sale in Minneapolis, submit offers, secure financing, and complete the closing process.
How can I list my home for sale in Minneapolis?
You can list your house for sale in Minneapolis with a Flat Fee MLS Minnesota listing service. Services like Houzeo automatically assign the appropriate paperwork based on your location, helping you save on agent commissions while providing full MLS exposure. 🚀
What is the average mortgage rate for buyers in Minneapolis?
The average mortgage rate for buyers fluctuates between 6.8% and 7%. However, it depends on the market and the borrower's credit score. Always check current rates with lenders before you apply.
What's the average cost of living in Minneapolis, Minnesota?
Minneapolis' cost of living is 6% lower than the national average, and housing costs are 17% lower. Additionally, utility costs in the city are 3% lower than the US median. So, it's an attractive city for those who seek affordable living, alongside access to urban amenities.
Important Legal Disclosures