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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Minneapolis, MN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Minneapolis, MN Housing Market Trends

With 425,096 people, 185,674 houses or apartments, and a median cost of homes of $365,621, Minneapolis real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Minneapolis, accounting for 42.63% of the city's housing units. Other types of housing that are prevalent in Minneapolis include single-family detached homes ( 40.85%), duplexes, homes converted to apartments or other small apartment buildings ( 12.45%), and a few row houses and other attached homes ( 3.79%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

People in Minneapolis primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Minneapolis has a mixture of owner-occupied and renter-occupied housing.

The housing in Minneapolis was primarily built before 1939 ( 43.68%), making the housing stock in Minneapolis some of the oldest overall in America, although there is a range of ages of homes in Minneapolis. The next most important housing age is between 1940-1969 ( 22.13%), followed by between 1970-1999 ( 19.57%). There's also some housing in Minneapolis built between 2000 and later ( 14.62%).

Minneapolis Home Appreciation Rates

Real estate appreciation rates in Minneapolis's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.76% during the period.

Over the last year, Minneapolis appreciation rates have trailed the rest of the nation. In the last twelve months, Minneapolis's appreciation rate has been 1.95%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Minneapolis were at -2.13%, which equates to an annual appreciation rate of -8.26%.

Notably, Minneapolis's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Minnesota, our data show that Minneapolis's latest annual appreciation rate is lower than 80% of the other cities and towns in Minnesota.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Minneapolis differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Minneapolis - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Minneapolis real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$365,621

Minneapolis, MN Home Prices
> $1,151,000
$863,001 - $1,151,000
$575,001 - $863,000
$460,001 - $575,000
$345,001 - $460,000
$230,001 - $345,000
$115,001 - $230,000
$58,001 - $115,000
$0 - $58,000
3.2%
3.2%
3.7%
3.7%
11.8%
11.8%
12.2%
12.2%
23.0%
23.0%
27.8%
27.8%
14.9%
14.9%
1.7%
1.7%
1.7%
1.7%
0% 100.0%
% of Homes
High

for Minnesota

High

for nation

Number of Homes And Apartments:

185,674

Minneapolis Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,889 / per month

Homeownership Rate

Owners
Renters
46.0%
46.0%
54.0%
54.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.7%
6.7%
93.3%
93.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.6%
14.6%
19.6%
19.6%
22.1%
22.1%
43.7%
43.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
40.8%
40.8%
3.8%
3.8%
12.4%
12.4%
42.6%
42.6%
0.2%
0.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
7.7%
7.7%
25.7%
25.7%
28.3%
28.3%
24.3%
24.3%
10.6%
10.6%
3.4%
3.4%
0% 100.0%
% of Homes