Minneapolis MN

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Minneapolis, MN Real Estate Data

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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Minneapolis Housing Market Information

With 429,606 people, 173,916 houses or apartments, and a median cost of homes of $288,757, Minneapolis real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Minneapolis, accounting for 42.25% of the city's housing units. Other types of housing that are prevalent in Minneapolis include large apartment complexes or high rise apartments ( 40.89%), duplexes, homes converted to apartments or other small apartment buildings ( 12.76%), and a few row houses and other attached homes ( 3.83%).

People in Minneapolis primarily live in small (one, two or no bedroom) single-family detached homes. Minneapolis has a mixture of owner-occupied and renter-occupied housing.

The housing in Minneapolis was primarily built before 1939 ( 44.81%), 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 ( 24.48%), followed by between 1970-1999 ( 19.23%). There's also some housing in Minneapolis built between 2000 and later ( 11.48%).

Minneapolis Home Appreciation Rates

In the last 10 years, Minneapolis has experienced some of the highest home appreciation rates of any community in the nation. Minneapolis real estate appreciated 50.86% over the last ten years, which is an average annual home appreciation rate of 4.20%, putting Minneapolis in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Minneapolis definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 3.37%, 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 1.23%, which equates to an annual appreciation rate of 5.02%.

Relative to Minnesota, our data show that Minneapolis's latest annual appreciation rate is higher than 70% 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:

Minneapolis, MN HOME PRICES

Value Range
> $1,241,000 1.4
$931,001 - $1,241,000 1.7
$620,001 - $931,000 6.1
$496,001 - $620,000 7.1
$372,001 - $496,000 13.3
$248,001 - $372,000 28.2
$124,001 - $248,000 33.5
$62,001 - $124,000 6.6
$0 - $62,000 2.0

High for MN
High for Nation

Value Relative to Nation Value Relative to State
23.2875912408759 20.9445585215606

Number Of Homes And Apartments:

Minneapolis Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
89.24% 3.12%
* 10 is highest

Rent & Ownership


Average Market Rent:
$1,412 / per month

Homeownership Rate

Owners 45.28
Renters 54.72
Vacant 6.12

Housing Market Details


Age of Homes

AGE OF Minneapolis HOMES
2000 or Newer 11.5
1970 - 1999 19.2
1940 - 1969 24.5
1939 or Older 44.8

Types of Homes

TYPE OF Minneapolis HOMES
Single-Family 42.3
Townhomes 3.8
Small Apt. Buildings 12.8
Apt. Complexes 40.9
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Minneapolis HOMES
No Bedroom 6.78
1 Bedroom 26.43
2 Bedrooms 28.92
3 Bedrooms 24.57
4 Bedrooms 10.27
5 or more bedrooms 3.04