Minneapolis, MN Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Why is Minneapolis real estate so expensive? ›

“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%.

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.

Minneapolis Home Appreciation Rates

The average annual home appreciation rate in Minneapolis during the period has been just 5.54%, which is lower than 70% of US communities. Over the last year, Minneapolis appreciation rates have trailed the rest of the nation.

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.

The median listing home price in Minneapolis, MN was $339K in July 2024, trending down -3.1% year-over-year. The median listing home price per square foot was $239. The median home sold price was $525K.

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.

Many homes in Minneapolis are selling fast, if you're buying plan to act quickly. Summary: During August 2024, 1065 homes were sold in Minneapolis; 70% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.

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

The cost of living in Minnesota is 4% lower than the national average. Housing is 15% lower than the national average, while utilities are 4% lower. When it comes to basic necessities such as food and clothing, groceries are around 0% than in the rest of the country, while clothing costs 0% .

The median salary in Minneapolis, MN is $65,250, with 80% of salaries falling between $32,120 and $136,881.

Is Minneapolis a good place to invest in real estate? ›

Minneapolis is experiencing a population increase and job market growth, generating a high demand for rental properties. The quality of life, including amenities like parks, schools, and varied dining options, also make Minneapolis an attractive location for long-term investment.

The average total real estate commission in Minnesota is 5.82%. This includes a 3.05% listing agent commission and a 2.77% buyer's agent commission. In Minnesota, sellers are responsible for paying the listing agent directly.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

In good weather buyers are more prepared to go house hunting. As such, Spring is a pretty up-beat time of year and often considered to be the time when the most buyers are active in the market. The flip side is that it's also when you can expect to be up against the greatest number of competing sellers.

In real estate, the 5-year rule typically refers to the length of time homeowners should aim to stay in their homes to turn a profit when they sell. It typically takes homeowners 5 years to build enough equity to benefit from property appreciation and recoup their initial home buying expenses, like closing costs.

The bulk of those taxes are set by elected officials for the city, Minneapolis Public Schools, the park board and Hennepin County. Right now, those officials are approving their budgets — how much money they'll spend — and setting their property tax levy — how much money they'll raise through property taxes.

Each area reflects a rich tapestry of what this city has to offer, from bustling urban centers to serene, family-friendly enclaves—solidifying Minneapolis as one of the best areas for real estate investment in the Midwest.

The cost of living index (COLI) is a metric that compares the prices of standard bills and consumer goods in an area to the rest of the US, which is represented by 100. The Minneapolis cost of living index is 102.9, which means it's 2.9% more expensive than the rest of the US.