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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 429,606, 176,974 total housing units (homes and apartments), and a median house value of $302,902, 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 41.62% of the city's housing units. Other types of housing that are prevalent in Minneapolis include single-family detached homes ( 41.56%), duplexes, homes converted to apartments or other small apartment buildings ( 12.81%), and a few row houses and other attached homes ( 3.73%). 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 ( 44.29%), 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 ( 23.86%), followed by between 1970-1999 ( 19.40%). There's also some housing in Minneapolis built between 2000 and later ( 12.44%).
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 76.73% over the last ten years, which is an average annual home appreciation rate of 5.86%, 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 7.90%, 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 2.36%, which equates to an annual appreciation rate of 9.77%.
Relative to Minnesota, our data show that Minneapolis's latest annual appreciation rate is higher than 50% 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.
High for Nation
High for MN