Is Minneapolis, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Minneapolis is a seller's market

Buyer's
Market

Difference Since September 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

$348,456

$202/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$13,040(+3.9%)

Key Takeaway

Homes in Minneapolis have sold for 3.9% more than they did a year ago.

Summary: The median home sold price in Minneapolis was $348,456 in September 2024, up 3.9% from last year, and the median price per square foot was $202.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $166.8K$169.9K
+1.9%
2 $259.2K$266.1K
+2.7%
3 $335.2K$343.7K
+2.5%
4 $410K$405.4K
-1.1%
5+ $579.1K$602.7K
+4.1%

Summary: Minneapolis housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.9%, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 2.5%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 4.1%.

Median Sold Price Compared To Nearby Cities

Minneapolis
+3.9%
Saint Louis Park
-1.6%
Golden Valley
-5.7%
Saint Anthony
-15.4%
Lauderdale
-30.5%

Housing Supply in Minneapolis, MN

How many homes are available in Minneapolis, MN?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
4,0474,345+7.4%

Summary: The Minneapolis real estate market had 4,345 homes for sale in September 2024, a 7.4% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 308344
+11.7%
2 9401,032
+9.8%
3 1,3281,417
+6.7%
4 9871,051
+6.5%
5+ 484501
+3.5%

Summary: The Minneapolis housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.7%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 3.5%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
1,169927-20.7%

Asking Price vs. Sold Price

336 Homes Were Sold
Under Asking

213 Homes Were Sold
At Asking

378 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Minneapolis, you could pay more than the asking price. 40.8% of homes here sold above asking price last month.

Summary: A total of 927 homes were sold or pending in Minneapolis in September 2024, down by 20.7% month-over-month. Of the 927 sold homes, 36% were sold under asking, 23% were sold at asking, and 41% 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

Sep 2023Sep 2024CHANGE
23 Days28 Days+21.1%

Summary: Homes in Minneapolis had an average of 28 days on market in Sep 2024, up by 21.1% compared to last year.

Breakdown of Home Sale Times

637 Homes Were Sold
Under 30 Days

244 Homes Were Sold
In 30 - 90 Days

42 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 927 homes were sold in Minneapolis; 69% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 5% 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 29 Days Ago

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