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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 429,606 people, 176,974 houses or apartments, and a median cost of homes of $294,483, 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 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 ( 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%).

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 66.74% over the last ten years, which is an average annual home appreciation rate of 5.25%, 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 5.80%, 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 1.28%, which equates to an annual appreciation rate of 5.22%.

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 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.

Average Home Values

 

Median Home Value:
$294,483

Minneapolis, MN HOME PRICES

> $1,216,000
1.4%
1.4%
$911,001 - $1,216,000
1.9%
1.9%
$608,001 - $911,000
6.6%
6.6%
$486,001 - $608,000
8.1%
8.1%
$365,001 - $486,000
15.3%
15.3%
$243,001 - $365,000
29.9%
29.9%
$121,001 - $243,000
30.1%
30.1%
$61,001 - $121,000
5.1%
5.1%
$0 - $61,000
1.6%
1.6%
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:
176,974

Minneapolis Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
97.00% 3.24%
9
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,481 / per month

Homeownership Rate

Owners
45.3%
45.3%
Renters
54.7%
54.7%
Vacant
5.9%
5.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.4%
12.4%
1970 - 1999
19.4%
19.4%
1940 - 1969
23.9%
23.9%
1939 or Older
44.3%
44.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
41.6%
41.6%
Townhomes
3.7%
3.7%
Small Apt. Buildings
12.8%
12.8%
Apt. Complexes
41.6%
41.6%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
7.2%
7.2%
1 Bedroom
26.0%
26.0%
2 Bedrooms
29.1%
29.1%
3 Bedrooms
24.2%
24.2%
4 Bedrooms
10.4%
10.4%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES