Is Minneapolis, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Minneapolis has remained a Seller's Market.
Key Takeaway
Minneapolis is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Minneapolis, MN
How much do homes in Minneapolis, MN cost?
Median Sold Price
$341,287
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Minneapolis have sold for 1.9% more than they did a year ago.
Summary: The median home sold price in Minneapolis was $341,287 in March 2024, up 1.9% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $174.4K | $167.8K | -3.8% |
| 2 Bedrooms | $260.7K | $265.1K | +1.7% |
| 3 Bedrooms | $334.9K | $340.5K | +1.6% |
| 4 Bedrooms | $400K | $415K | +3.8% |
| 5+ Bedrooms | $550K | $599.8K | +9.1% |
Summary: Minneapolis housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.8%, 2 bedroom homes increased by 1.7%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 9.1%.
Median Sold Price Compared To Nearby Cities
| Saint Anthony | $370K | $385K | +4.1% |
| Saint Louis Park | $364.9K | $375K | +2.7% |
| Minneapolis | $334.8K | $341.2K | +1.9% |
| Golden Valley | $429.9K | $432.5K | +0.6% |
Housing Supply in Minneapolis, MN
How many homes are available in Minneapolis, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3,171 | 3,663 | +15.5% |
Summary: The Minneapolis real estate market had 3,663 homes for sale in March 2024, a 15.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 248 | 303 | +22.2% |
| 2 Bedrooms | 738 | 862 | +16.8% |
| 3 Bedrooms | 1,023 | 1,168 | +14.2% |
| 4 Bedrooms | 785 | 881 | +12.2% |
| 5+ Bedrooms | 377 | 449 | +19.1% |
Summary: The Minneapolis housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 22.2%, 2 bedroom homes increased by 16.8%, 3 bedroom homes increased by 14.2%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes increased by 19.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 730 | 862 | +18.1% |
Asking Price vs. Sold Price
317 Homes Were Sold
Under Asking
165 Homes Were Sold
At Asking
380 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Minneapolis, you could pay more than the asking price. 44.1% of homes here sold above asking price last month.
Summary: A total of 862 homes were sold or pending in Minneapolis in March 2024, up by 18.1% month-over-month. Of the 862 sold homes, 37% were sold under asking, 19% were sold at asking, and 44% were sold over asking.
Days on Market for Minneapolis, MN
How long does it take to sell a home in Minneapolis, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 41 Days | 38 Days | -8.7% |
Summary: Homes in Minneapolis had an average of 38 days on market in Mar 2024, down by 8.7% compared to last year.
Breakdown of Home Sale Times
535 Homes Were Sold
Under 30 Days
202 Homes Were Sold
In 30 - 90 Days
121 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Minneapolis are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 862 homes were sold in Minneapolis; 62% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
