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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 Q3 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 a population of 425,336, 178,886 total housing units (homes and apartments), and a median house value of $361,925, 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 41.90% of the city's housing units. Other types of housing that are prevalent in Minneapolis include single-family detached homes ( 41.41%), duplexes, homes converted to apartments or other small apartment buildings ( 12.55%), and a few row houses and other attached homes ( 3.77%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

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 ( 43.77%), 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 ( 23.66%), followed by between 1970-1999 ( 19.57%). There's also some housing in Minneapolis built between 2000 and later ( 13.00%).

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 97.51%, which ranks in the top 30% nationwide. This equates to an annual average Minneapolis house appreciation rate of 7.04%.

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 9.08%, 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 4.63%, which equates to an annual appreciation rate of 19.85%.

Relative to Minnesota, our data show that Minneapolis's latest annual appreciation rate is lower than 90% 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:
$361,925

Minneapolis, MN HOME PRICES

> $1,340,000
$1,005,001 - $1,340,000
$670,001 - $1,005,000
$536,001 - $670,000
$402,001 - $536,000
$268,001 - $402,000
$134,001 - $268,000
$67,001 - $134,000
$0 - $67,000
2.1%
2.1%
2.4%
2.4%
8.2%
8.2%
8.5%
8.5%
17.1%
17.1%
30.6%
30.6%
25.8%
25.8%
3.7%
3.7%
1.5%
1.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for MN

Value Relative To Nation

Number Of Homes And Apartments:
178,886

Minneapolis Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2022 Q2 - 2022 Q3
Last 12 Months:
2021 Q3 - 2022 Q3
Last 2 Years:
2020 Q3 - 2022 Q3
Last 5 Years:
2017 Q3 - 2022 Q3
Last 10 Years:
2012 Q3 - 2022 Q3
Since 2000:
2000 Q1 - 2022 Q3
129.81% 3.73%
7
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,738 / per month

Homeownership Rate

Owners
Renters
Vacant
45.5%
45.5%
54.5%
54.5%
5.9%
5.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.0%
13.0%
19.6%
19.6%
23.7%
23.7%
43.8%
43.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
41.4%
41.4%
3.8%
3.8%
12.6%
12.6%
41.9%
41.9%
0.3%
0.3%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
6.8%
6.8%
26.5%
26.5%
28.7%
28.7%
24.4%
24.4%
10.4%
10.4%
3.1%
3.1%
0.0% 100.0%
% OF HOMES