$5,106 Closing Credit*
$430,000
1,814 SqFt
3 Beds
•1 Full Bath
Listing Office: Renters Warehouse
Is Minneapolis, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$349,986
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$10,297(+3.0%)
Key Takeaway
Homes in Minneapolis have sold for 3% more than they did a year ago.
Summary: The median home sold price in Minneapolis was $349,986 in November 2024, up 3% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $168K | $167.4K | -0.4% |
| 2 Bedrooms | $261.3K | $267.9K | +2.5% |
| 3 Bedrooms | $339.9K | $344.9K | +1.5% |
| 4 Bedrooms | $410K | $409.6K | -0.1% |
| 5+ Bedrooms | $603.4K | $606K | 0.4% |
Summary: Minneapolis housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.4%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 1.5%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 0.4%.
Median Sold Price Compared To Nearby Cities
| Minneapolis | $339.6K | $349.9K | +3.0% |
| Saint Louis Park | $374.8K | $375K | 0.1% |
| Golden Valley | $425K | $424.3K | -0.2% |
| Saint Anthony | $384K | $316K | -17.7% |
| Lauderdale | $275K | $221.2K | -19.5% |
Housing Supply in Minneapolis, MN
How many homes are available in Minneapolis, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 4,030 | 3,784 | -6.1% |
Summary: The Minneapolis real estate market had 3,784 homes for sale in November 2024, a 6.1% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 303 | 319 | +5.3% |
| 2 Bedrooms | 920 | 891 | -3.2% |
| 3 Bedrooms | 1,359 | 1,253 | -7.8% |
| 4 Bedrooms | 973 | 900 | -7.5% |
| 5+ Bedrooms | 475 | 421 | -11.4% |
Summary: The Minneapolis housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.3%, 2 bedroom homes decreased by 3.2%, 3 bedroom homes decreased by 7.8%, 4 bedroom homes decreased by 7.5%, and 5+ bedroom homes decreased by 11.4%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 1,047 | 889 | -15.1% |
Asking Price vs. Sold Price
403 Homes Were Sold
Under Asking
203 Homes Were Sold
At Asking
283 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Minneapolis, you may be able to get a good deal. 45.3% of homes here sold below asking price last month.
Summary: A total of 889 homes were sold or pending in Minneapolis in November 2024, down by 15.1% month-over-month. Of the 889 sold homes, 45% were sold under asking, 23% were sold at asking, and 32% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 29 Days | 33 Days | +11.6% |
Summary: Homes in Minneapolis had an average of 33 days on market in Nov 2024, up by 11.6% compared to last year.
Breakdown of Home Sale Times
545 Homes Were Sold
Under 30 Days
279 Homes Were Sold
In 30 - 90 Days
60 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 November 2024, 889 homes were sold in Minneapolis; 61% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
