Is Hennepin County, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
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
$373,628
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Hennepin County have sold for 2.2% more than they did a year ago.
Summary: The median home sold price in Hennepin County was $373,628 in November 2023, up 2.2% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $173.2K | $170.2K | -1.7% |
| 2 Bedrooms | $269.9K | $274.3K | +1.6% |
| 3 Bedrooms | $353K | $359.9K | +2.0% |
| 4 Bedrooms | $450.4K | $467.5K | +3.8% |
| 5+ Bedrooms | $674.5K | $712.9K | +5.7% |
Summary: Hennepin County housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 1.7%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 5.7%.
Median Sold Price Compared To Nearby Counties
| Wright County | $360.2K | $374.4K | +3.9% |
| Hennepin County | $365.7K | $373.6K | +2.2% |
| Anoka County | $342.5K | $349.9K | +2.2% |
| Ramsey County | $306K | $309.7K | +1.2% |
| Carver County | $442.6K | $432.6K | -2.3% |
Housing Supply in Hennepin County, MN
How many homes are available in Hennepin County, MN?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 4,819 | 4,634 | -3.8% |
Summary: The Hennepin County real estate market had 4,634 homes for sale in November 2023, a 3.8% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 278 | 284 | +2.2% |
| 2 Bedrooms | 997 | 942 | -5.5% |
| 3 Bedrooms | 1,628 | 1,543 | -5.2% |
| 4 Bedrooms | 1,241 | 1,216 | -2.0% |
| 5+ Bedrooms | 675 | 649 | -3.9% |
Summary: The Hennepin County housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 2.2%, 2 bedroom homes decreased by 5.5%, 3 bedroom homes decreased by 5.2%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes decreased by 3.9%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 1,294 | 1,005 | -22.3% |
Asking Price vs. Sold Price
470 Homes Were Sold
Under Asking
231 Homes Were Sold
At Asking
300 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hennepin County, you may be able to get a good deal. 47% of homes here sold below asking price last month.
Summary: A total of 1,005 homes were sold or pending in Hennepin County in November 2023, down by 22.3% month-over-month. Of the 1,001 sold homes, 47% were sold under asking, 23% were sold at asking, and 30% 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
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 33 Days | 31 Days | -8.3% |
Summary: Homes in Hennepin County had an average of 31 days on market in Nov 2023, down by 8.3% compared to last year.
Breakdown of Home Sale Times
628 Homes Were Sold
Under 30 Days
310 Homes Were Sold
In 30 - 90 Days
49 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hennepin County are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 1005 homes were sold in Hennepin County; 62% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
