Is Minneapolis, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$343,683
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Minneapolis have sold for 2.8% more than they did a year ago.
Summary: The median home sold price in Minneapolis was $343,683 in April 2024, up 2.8% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $170K | $170.2K | 0.2% |
| 2 Bedrooms | $259.9K | $265.4K | +2.1% |
| 3 Bedrooms | $333.6K | $340.8K | +2.2% |
| 4 Bedrooms | $400.4K | $413.9K | +3.4% |
| 5+ Bedrooms | $550.5K | $586.6K | +6.6% |
Summary: Minneapolis housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.2%, 2 bedroom homes increased by 2.1%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 6.6%.
Median Sold Price Compared To Nearby Cities
| Saint Anthony | $367.5K | $382.5K | +4.1% |
| Saint Louis Park | $365K | $375.8K | +3.0% |
| Minneapolis | $334.3K | $343.6K | +2.8% |
| Golden Valley | $425K | $432.5K | +1.8% |
Housing Supply in Minneapolis, MN
How many homes are available in Minneapolis, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 3,579 | 4,145 | +15.8% |
Summary: The Minneapolis real estate market had 4,145 homes for sale in April 2024, a 15.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 278 | 342 | +23.0% |
| 2 Bedrooms | 836 | 923 | +10.4% |
| 3 Bedrooms | 1,161 | 1,317 | +13.4% |
| 4 Bedrooms | 862 | 1,028 | +19.3% |
| 5+ Bedrooms | 442 | 535 | +21.0% |
Summary: The Minneapolis housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 23%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 13.4%, 4 bedroom homes increased by 19.3%, and 5+ bedroom homes increased by 21%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 940 | 1,085 | +15.4% |
Asking Price vs. Sold Price
337 Homes Were Sold
Under Asking
228 Homes Were Sold
At Asking
519 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Minneapolis, you could pay more than the asking price. 47.9% of homes here sold above asking price last month.
Summary: A total of 1,085 homes were sold or pending in Minneapolis in April 2024, up by 15.4% month-over-month. Of the 1,084 sold homes, 31% were sold under asking, 21% were sold at asking, and 48% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 29 Days | 27 Days | -7.9% |
Summary: Homes in Minneapolis had an average of 27 days on market in Apr 2024, down by 7.9% compared to last year.
Breakdown of Home Sale Times
806 Homes Were Sold
Under 30 Days
192 Homes Were Sold
In 30 - 90 Days
81 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 April 2024, 1085 homes were sold in Minneapolis; 74% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
