Minneapolis, MN Real Estate & Homes for Sale

In August 2024, Minneapolis home prices experienced a 2.6% increase compared to the same time last year, with the median home price reaching $350K. Homes in the area are now taking slightly longer to sell, with an average of 26 days on the market, up from 20 days last year. A total of 450 homes were sold in August, a decrease from 538 sales during the same period in 2023. Additionally, the median sale price per square foot dropped 1.4%, settling at $216. This shift suggests a cooling in the pace of transactions, even as overall home values continue to rise.

The Minneapolis housing market remains highly competitive, with homes typically selling in just 22 days. Many properties attract multiple offers, with some buyers even waiving contingencies to secure a deal. On average, Minneapolis homes for sale sell for close to the asking price and go pending within about 22 days. However, in particularly high-demand areas, hot homes can sell for up to 4% above the listing price and often go pending in as little as 10 days, reflecting the intense buyer interest in those properties.

Nationwide, 0.71% of homebuyers were looking to relocate to Minneapolis from other metropolitan areas. Among those, prospective homebuyers from Albuquerque showed the highest interest in Minneapolis homes for sale, followed by those from Miami and Chicago. This trend highlights Minneapolis as an attractive destination for buyers from various regions across the country.