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 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Minneapolis Housing Market Information

With a population of 422,331, 169,803 total housing units (homes and apartments), and a median house value of $272,132, 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 43.16% of the city's housing units. Other types of housing that are prevalent in Minneapolis include large apartment complexes or high rise apartments ( 39.50%), duplexes, homes converted to apartments or other small apartment buildings ( 13.28%), and a few row houses and other attached homes ( 3.85%).

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 ( 46.47%), 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 ( 24.67%), followed by between 1970-1999 ( 19.27%). There's also some housing in Minneapolis built between 2000 and later ( 9.59%).

Minneapolis Home Appreciation Rates

Appreciation rates for homes in Minneapolis have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 27.01%, which ranks in the top 30% nationwide. This equates to an annual average Minneapolis house appreciation rate of 2.42%.

Appreciation rates are so strong in Minneapolis that despite a nationwide downturn in the housing market, Minneapolis real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Minneapolis appreciation rates continue to be some of the highest in America, at 6.94%, which is higher than appreciation rates in 72.55% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Minneapolis. Minneapolis appreciation rates in the latest quarter were at 2.96%, which equates to an annual appreciation rate of 12.36%.

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

Minneapolis, MN HOME PRICES

Value Range
> $1,320,000 1.3
$990,001 - $1,320,000 1.6
$660,001 - $990,000 4.8
$528,001 - $660,000 5.2
$396,001 - $528,000 11.3
$264,001 - $396,000 25.6
$132,001 - $264,000 38.2
$66,001 - $132,000 8.9
$0 - $66,000 3.0

High for MN
High for Nation

Value Relative to Nation Value Relative to State
22.9547445255474 21.7659137577002

Number Of Homes And Apartments:

Minneapolis Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
Since 2000:
2000 Q1 - 2018 Q3
75.76% 3.05%
* 10 is highest

Rent & Ownership


Average Market Rent:
$1,311 / per month

Homeownership Rate

Owners 45.31
Renters 54.69
Vacant 6.37

Housing Market Details


Age of Homes

AGE OF Minneapolis HOMES
2000 or Newer 9.6
1970 - 1999 19.3
1940 - 1969 24.7
1939 or Older 46.5

Types of Homes

TYPE OF Minneapolis HOMES
Single-Family 43.2
Townhomes 3.9
Small Apt. Buildings 13.3
Apt. Complexes 39.5
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Minneapolis HOMES
No Bedroom 6.23
1 Bedroom 26.12
2 Bedrooms 29.65
3 Bedrooms 24.97
4 Bedrooms 10.00
5 or more bedrooms 3.04