$2,255 Closing Credit*
$189,900
1,002 SqFt
2 Beds
•1 Full Bath
Listing Office: RE/MAX Results
Is Minneapolis, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$349,843
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$12,028(+3.6%)
Key Takeaway
Homes in Minneapolis have sold for 3.6% more than they did a year ago.
Summary: The median home sold price in Minneapolis was $349,843 in October 2024, up 3.6% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165.5K | $168.9K | +2.1% |
| 2 Bedrooms | $260.1K | $265.4K | +2.0% |
| 3 Bedrooms | $339.7K | $344.7K | +1.5% |
| 4 Bedrooms | $409.6K | $407.5K | -0.5% |
| 5+ Bedrooms | $594.3K | $608.5K | +2.4% |
Summary: Minneapolis housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.1%, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 1.5%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes increased by 2.4%.
Median Sold Price Compared To Nearby Cities
| Minneapolis | $337.8K | $349.8K | +3.6% |
| Saint Louis Park | $374.6K | $374.6K | 0.0% |
| Golden Valley | $425K | $420.8K | -1.0% |
| Saint Anthony | $383.2K | $319.9K | -16.5% |
| Lauderdale | $275K | $209.2K | -23.9% |
Housing Supply in Minneapolis, MN
How many homes are available in Minneapolis, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4,009 | 4,380 | +9.3% |
Summary: The Minneapolis real estate market had 4,380 homes for sale in October 2024, a 9.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 301 | 345 | +14.6% |
| 2 Bedrooms | 935 | 1,014 | +8.4% |
| 3 Bedrooms | 1,344 | 1,446 | +7.6% |
| 4 Bedrooms | 973 | 1,061 | +9.0% |
| 5+ Bedrooms | 456 | 514 | +12.7% |
Summary: The Minneapolis housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.6%, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 9%, and 5+ bedroom homes increased by 12.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,011 | 978 | -3.3% |
Asking Price vs. Sold Price
399 Homes Were Sold
Under Asking
223 Homes Were Sold
At Asking
356 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Minneapolis, you may be able to get a good deal. 40.8% of homes here sold below asking price last month.
Summary: A total of 978 homes were sold or pending in Minneapolis in October 2024, down by 3.3% month-over-month. Of the 978 sold homes, 41% were sold under asking, 23% were sold at asking, and 36% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 29 Days | 34 Days | +15.9% |
Summary: Homes in Minneapolis had an average of 34 days on market in Oct 2024, up by 15.9% compared to last year.
Breakdown of Home Sale Times
610 Homes Were Sold
Under 30 Days
286 Homes Were Sold
In 30 - 90 Days
77 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 October 2024, 978 homes were sold in Minneapolis; 62% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
