Minneapolis Homes For Sale

Map of Minneapolis Homes For Sale

Minneapolis Real Estate Market Trends 

In the heartland of the United States, Minneapolis has a housing market that can only be described as "very competitive," reflecting the city's enduring appeal and robust economic activity. This section aims to provide an in-depth understanding of the current real estate climate in Minneapolis, focusing on market competitiveness, key financial metrics, and migration patterns.

Market Competitiveness 

  • Speed of Sales: Minneapolis stands out for its incredibly short time on market. On average, homes in this bustling city are selling within just 20 days, only a slight improvement over last year's 19 days. This rapid pace suggests that both buyers and sellers need to be well-prepared to act quickly.
  • Multiple Offers: Homes for sale in Minneapolis are receiving an average of 2 offers, indicating strong demand. This kind of competition often includes waived contingencies, which are contractual conditions that can be ignored to speed up the selling process.
  • Selling Price: On average, homes are selling for about 1% above the listing price, while hot properties can fetch around 5% above list price. These homes not only sell at a premium but also go pending in about 8 days, emphasizing the need for quick decision-making.

Financial Metrics

  • Median Sale Price: The median sale price of a Minneapolis homes for sale was $356,000 last month, marking a moderate increase of 1.4% compared to last year. Although not a steep rise, this uptick indicates a steady, healthy market.
  • Sale Price Per Square Foot: The median sale price per square foot stands at $223, up 2.1% since the previous year. This metric is often a more accurate reflection of a property's value and shows that home prices are moving upward, although modestly.
  • Sales Volume: A total of 613 homes were sold in August 2023, compared to 702 the previous year. The decrease in volume might indicate that while the market is very competitive, the number of available homes is slightly less than last year.

Migration & Relocation Trends

  • Inbound Migration: Around 0.62% of homebuyers are looking to move into Minneapolis from outside the metropolitan area. Interestingly, homebuyers from Hartford are the most interested in relocating to Minneapolis, followed by those from San Francisco and Sioux Falls.
  • Local Movement: 73% of Minneapolis homebuyers are searching to stay within the Minneapolis metropolitan area, reflecting a strong local commitment.
  • Outbound Movement: 27% of homebuyers are considering other locations, with Brainerd, Duluth, and Cape Coral being the most popular destinations.

Insights into the Minneapolis Housing Market

The Minneapolis housing market presents a vibrant and highly competitive landscape, with properties moving off the market quickly and often at a premium. The mild increases in median sale price and price per square foot reflect a stable but robust market. 

Migration trends suggest that most Minneapolis residents are keen on staying within the metro area, although there is a consistent inflow of people from other states. Whether you are a buyer or a seller, understanding these dynamics can offer a significant advantage in successfully navigating this fast-paced market. Preparedness and swift decision-making appear to be the keys to success in Minneapolis' real estate scene.

Minneapolis Real Estate FAQs

Here are some of the hottest questions our clients are asking us.

As of August 2023, the housing market in Minneapolis has experienced a 1.4% increase in home prices compared to last year, with the median price being $356,000. On average, homes are selling within 20 days, slightly longer than 19 days last year. However, there was a decrease in the number of homes sold in June this year, with 613 homes sold, down from 613 homes sold last year.

The Minneapolis housing market is extremely hot and very competitive. Homes typically sell within a swift timeframe of just 16 days. Many properties attract multiple offers, with some buyers even waiving contingencies to strengthen their bids. On average, hot  homes for sale in Minneapolis sell for about 5% above the listed price and go pending within approximately 8 days.

Yes, Minneapolis is generally considered a great place to live, especially if you prefer living in a larger city in the northern region of the United States. As one of the major metropolitan areas in the Midwest, Minneapolis offers a vibrant and diverse environment with numerous activities and cultural attractions. The city boasts excellent transportation infrastructure, making it convenient to get around. Additionally, Minneapolis provides ample job opportunities, making it an attractive destination for career growth and development. Overall, Minneapolis has a lot to offer in terms of quality of life, amenities, and opportunities for residents.

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