$4,097 Closing Credit*
$345,000
1,575 SqFt
3 Beds
•1 Full Bath
Listing Office: Edina Realty, Inc.
Is Minneapolis, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
| # BEDS# BEDROOMS | Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $166.8K | $169.9K | +1.9% |
| 2 Bedrooms | $259.2K | $266.1K | +2.7% |
| 3 Bedrooms | $335.2K | $343.7K | +2.5% |
| 4 Bedrooms | $410K | $405.4K | -1.1% |
| 5+ Bedrooms | $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 | $335.4K | $348.4K | +3.9% |
| Saint Louis Park | $375K | $368.8K | -1.6% |
| Golden Valley | $433K | $408.3K | -5.7% |
| Saint Anthony | $384K | $325K | -15.4% |
| Lauderdale | $285K | $198K | -30.5% |
Housing Supply in Minneapolis, MN
How many homes are available in Minneapolis, MN?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 4,047 | 4,345 | +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
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 308 | 344 | +11.7% |
| 2 Bedrooms | 940 | 1,032 | +9.8% |
| 3 Bedrooms | 1,328 | 1,417 | +6.7% |
| 4 Bedrooms | 987 | 1,051 | +6.5% |
| 5+ Bedrooms | 484 | 501 | +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 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 1,169 | 927 | -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
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 2023 | Sep 2024 | CHANGE |
|---|---|---|
| 23 Days | 28 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
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.
