Minneapolis MN Real Estate - Minneapolis MN Homes For Sale | Zillow (2024)

FAQs

Are Minneapolis home prices dropping? ›

Minneapolis Housing Market Trends

In June 2024, Minneapolis home prices were up 4.6% compared to last year, selling for a median price of $351K. On average, homes in Minneapolis sell after 19 days on the market compared to 15 days last year. There were 497 homes sold in June this year, down from 623 last year.

The median DOM in Minnesota in April 2024 was 22 days, which is an increase from 18 in April 2023. This means that on average, listings spend under a month on the market before they are purchased. This increase from the past year potentially points to a market that is increasingly favoring buyers over sellers.

“I think it goes back to supply and demand,” said Jamar Hardy, president of Minneapolis Area Realtors. “There's still a lot of people, they're looking for affordable housing options.” The new report says purchase agreements have dropped nearly 11% and new listings are down nearly 6%.

When analyzing price per square foot, the Minneapolis real estate market shows an increase, with a median sale price per square foot at $229 as of January 2024. The average home price reflects steady growth, demonstrating a real estate environment that values both modern and traditional properties.

If you're thinking about selling your home in Minnesota, you'll be pleased with the latest data from Minnesota Realtors: The median sale price at the midway point of 2022 was nearly $340,000 — a 7.9 percent increase over the past 12 months.

MINNEAPOLIS (FOX 9) - Minneapolis is one of the top 10 cities in the U.S. with the worst housing shortage, according to a Zillow report.

In Minnesota, it takes an average of 65 days to sell a house. That's 17.7% faster than than the national average of 79 days.

Spring is generally viewed as the best time of the year to buy a house if you want to choose from a large inventory. Homes also tend to present better in the warmer months – plants are in bloom, and lawns are green, so this is a popular time for sellers to put their houses on the market.

$340,047. The average Minnesota home value is $340,047, up 1.3% over the past year and goes to pending in around 17 days.

What is the richest suburb of Minneapolis? ›

The richest part of Minneapolis is often considered to be the area around Lake of the Isles and Kenwood, where luxurious homes for sale and upscale neighborhoods are found.

Single adults living in Minneapolis need to earn more than $90,000 annually to live comfortably, claims a survey by a financial planning firm. In St. Paul, they need to earn $87,000 a year to hit that mark.

The average Minneapolis, MN home value is $327,782, down 0.0% over the past year and goes to pending in around 17 days.

Minneapolis homeowners will soon face the painful reality of how much their once thriving downtown has for years protected them from higher taxes. Why it matters: Homeowners paid 47.4% of the city's tax levy in 2023. This year, they're paying 51.6%. Next year is bound to be even worse.

With its highly ranked school system and many family-friendly neighborhoods, Minneapolis is a great place to raise kids. At the same time, the City of Lakes also ranks as one of the top 10 places to retire thanks to its easy access to health care and affordable cost of living.

What is the housing market like right now? In June 2024, home prices in Minnesota were up 2.6% compared to last year, selling for a median price. On average, the number of homes sold was down 15.5% year over year and there were 6,500 homes sold in June this year, down 7,685 homes sold in June last year.

Why it matters: Homeowners paid 47.4% of the city's tax levy in 2023. This year, they're paying 51.6%. Next year is bound to be even worse. The big picture: Mayor Jacob Frey will unveil his 2025 budget next week, and he's already said the 6.1% levy hike he originally proposed won't be enough.

Housing Market Forecast for 2024

“The market will move toward more of a balanced housing market in the second half of the year, but prospective home buyers will still face competition.” Though affordability obstacles persist for buyers, other indicators suggest that the market is tilting toward buyers.

Basic Info. Minneapolis-St. Paul-Bloomington, MN-WI Housing Affordability Index is at a current level of 140.60, down from 181.80 one year ago.