The Minneapolis housing market remains highly competitive, with Minneapolis homes for sale typically receiving an average of two offers and selling within about 26 days. Last month, the median sale price for a home in the city was $350K, reflecting a 2.6% increase compared to the previous year. Similarly, the price per square foot for homes for sale in Minneapolis rose to $229, marking a modest 0.4% growth. This data suggests steady demand in the market, as buyers continue to seek out properties despite the rising prices.
Median Sale Price
Median Sale Price per Sq. Ft.
Total Homes Sold
Median Days on Market
Here are some of the hottest questions our clients are asking us.
As of May 2023, the housing market in Downtown West has shown some changes compared to the previous year. The median home price has dropped by 7.3%, with homes now selling at a median price of $223K. Homes are also spending more time on the market, averaging 116 days before selling, a significant increase from the 54 days seen last year. The total number of homes sold has slightly reduced as well, with 39 homes sold in May this year, compared to 44 in the same period last year.
The Downtown West housing market is relatively subdued and not particularly competitive. On average, homes in this area sell within 81 days, and it's not common for them to receive multiple offers. Typically, homes sell for approximately 2% below their listed price and transition to a pending status within around 81 days. However, more sought-after or 'hot' properties can sell closer to their list price and usually move to pending status much faster, typically within 31 days. This shows that while the market is generally less competitive, certain desirable properties can still generate quick sales.
Indeed, Downtown West is considered one of the prime places to live in Minnesota. Located in Hennepin County, it provides residents with a dynamic, urban atmosphere. A majority of its residents choose to rent their homes. If you appreciate the feel of a bustling northern city, then Minneapolis, and Downtown West in particular, could be an excellent fit.
As one of the largest metropolitan areas in the Midwest, Minneapolis offers a wealth of activities, efficient transportation systems, and an abundance of employment opportunities. These factors collectively contribute to making Downtown West a highly appealing living destination.
Take the first step today. Our team will take the stress out of buying or selling your home.
