Is Hennepin County, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hennepin County is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Hennepin County has remained a Seller's Market.

Key Takeaway

Hennepin County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Hennepin County, MN

How much do homes in Hennepin County, MN cost?

Median Sold Price

$375,286

$206/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$6,374(+1.7%)

Key Takeaway

Homes in Hennepin County have sold for 1.7% more than they did a year ago.

Summary: The median home sold price in Hennepin County was $375,286 in April 2024, up 1.7% from last year, and the median price per square foot was $206.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $170K$170.1K
0.1%
2 $269.9K$275.4K
+2.0%
3 $354.2K$362.4K
+2.3%
4 $454.7K$470.8K
+3.6%
5+ $690.7K$706.7K
+2.3%

Summary: Hennepin County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.1%, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 2.3%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 2.3%.

Median Sold Price Compared To Nearby Counties

Wright County
+3.3%
Ramsey County
+2.0%
Hennepin County
+1.7%
Anoka County
+1.4%
Carver County
0.4%

Housing Supply in Hennepin County, MN

How many homes are available in Hennepin County, MN?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
4,5165,402+19.6%

Summary: The Hennepin County real estate market had 5,402 homes for sale in April 2024, a 19.6% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 304372
+22.4%
2 9431,067
+13.1%
3 1,4201,684
+18.6%
4 1,1471,384
+20.7%
5+ 702895
+27.5%

Summary: The Hennepin County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 22.4%, 2 bedroom homes increased by 13.1%, 3 bedroom homes increased by 18.6%, 4 bedroom homes increased by 20.7%, and 5+ bedroom homes increased by 27.5%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
1,1091,292+16.5%

Asking Price vs. Sold Price

450 Homes Were Sold
Under Asking

273 Homes Were Sold
At Asking

568 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hennepin County, you could pay more than the asking price. 44% of homes here sold above asking price last month.

Summary: A total of 1,292 homes were sold or pending in Hennepin County in April 2024, up by 16.5% month-over-month. Of the 1,291 sold homes, 35% were sold under asking, 21% were sold at asking, and 44% were sold over asking.

Days on Market for Hennepin County, MN

How long does it take to sell a home in Hennepin County, MN?

Average Sale Time

Apr 2023Apr 2024CHANGE
33 Days29 Days-11.8%

Summary: Homes in Hennepin County had an average of 29 days on market in Apr 2024, down by 11.8% compared to last year.

Breakdown of Home Sale Times

928 Homes Were Sold
Under 30 Days

251 Homes Were Sold
In 30 - 90 Days

105 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Hennepin County are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 1292 homes were sold in Hennepin County; 72% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

Newest Listings in Hennepin County, MN

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What housing markets are near Hennepin County, MN?