Is Minneapolis, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$344,877
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Minneapolis have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Minneapolis was $344,877 in May 2024, up 3.7% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $167.5K | $170.8K | +2.0% |
| 2 Bedrooms | $259.6K | $267.7K | +3.1% |
| 3 Bedrooms | $332.3K | $340.4K | +2.4% |
| 4 Bedrooms | $400K | $415.1K | +3.8% |
| 5+ Bedrooms | $550K | $591K | +7.5% |
Summary: Minneapolis housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2%, 2 bedroom homes increased by 3.1%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 7.5%.
Median Sold Price Compared To Nearby Cities
| Minneapolis | $332.6K | $344.8K | +3.7% |
| Saint Anthony | $367.5K | $380K | +3.4% |
| Saint Louis Park | $365K | $375K | +2.7% |
| Golden Valley | $429.2K | $425K | -1.0% |
Housing Supply in Minneapolis, MN
How many homes are available in Minneapolis, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4,011 | 4,649 | +15.9% |
Summary: The Minneapolis real estate market had 4,649 homes for sale in May 2024, a 15.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 327 | 394 | +20.5% |
| 2 Bedrooms | 881 | 1,033 | +17.3% |
| 3 Bedrooms | 1,309 | 1,507 | +15.1% |
| 4 Bedrooms | 996 | 1,160 | +16.5% |
| 5+ Bedrooms | 498 | 555 | +11.4% |
Summary: The Minneapolis housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20.5%, 2 bedroom homes increased by 17.3%, 3 bedroom homes increased by 15.1%, 4 bedroom homes increased by 16.5%, and 5+ bedroom homes increased by 11.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,125 | 1,165 | +3.6% |
Asking Price vs. Sold Price
363 Homes Were Sold
Under Asking
240 Homes Were Sold
At Asking
562 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Minneapolis, you could pay more than the asking price. 48.2% of homes here sold above asking price last month.
Summary: A total of 1,165 homes were sold or pending in Minneapolis in May 2024, up by 3.6% month-over-month. Of the 1,165 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 23 Days | 26 Days | +9.7% |
Summary: Homes in Minneapolis had an average of 26 days on market in May 2024, up by 9.7% compared to last year.
Breakdown of Home Sale Times
848 Homes Were Sold
Under 30 Days
235 Homes Were Sold
In 30 - 90 Days
68 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 May 2024, 1165 homes were sold in Minneapolis; 73% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
