Minneapolis Housing Market: Trends & Prices (2025)
Minneapolis Real Estate Market Overview
(Last Updated – 4/2025)
Nature lovers will enjoy this fun fact about Minneapolis’ parks. In 1904 a European florist, Theodore Wirth, was hired as the Minneapolis Park Board superintendent. He made a promise to build a park within six blocks of every city resident and secured the land to do so. Today, residents are still never farther than six blocks from a park.
Minneapolis has grown to a city of more than 425,000 people in the years since Wirth left his mark, but his green legacy lives on. Make sure to stop by 759-acre Theodore Wirth Regional Park to golf, ski, bike, hike, or birdwatch. You might also want to take in the Somali Museum of Minnesota in this diverse city. If you decide to stay in the Mini-Apple, you’ll want to dive more deeply into the housing market — so study this guide.
Overall Minneapolis Market Trends
The real estate pros at Redfin say the Minneapolis housing market is somewhat competitive.
Some homes receive multiple offers. The average home sells for about 1% below asking price, but popular properties can go for 3% above list price and are snapped up in just 12 days.
$340,000
Median Sale Price
$228
Median Sale Price Per Square Foot
50 days
Median Time on Market
Minneapolis Student Market
If you are looking to invest in rental property, Minneapolis could be a good choice. Home to 11 colleges — some of which are the largest state campuses in the country — Minneapolis has an abundant student population. The University of Minnesota, Twin Cities enrolls over 50,000 students alone, many of whom look to rent apartments off campus. In addition, there are nearly 50 colleges within a 50-mile radius of Minneapolis, with well over 200,000 enrollees.
In addition to the students looking to rent apartments, many who go to college in and around Minneapolis stay for work after graduation but can’t afford a home yet, so they must rent.
The multifamily housing market in Minneapolis got a boost not long ago, which could make buying property in the Twin Cities enticing. In 2018, the city supported the elimination of single-family zoning, legalizing up to three residential units on single-family plots. The purpose was to improve housing affordability and meet increased demand. This paves the way for more multifamily properties, allowing owners to live on their property while renting out the other units.
Minneapolis Property Taxes
Whether you are considering buying or investing in Minneapolis real estate, it’ll be good to know, of course, about property taxes. The average property tax rate is 1.16%, slightly above the national average. But as commercial property values in the county have decreased, an increasing proportion of the tax burden has shifted to homeowners.
While the median Minneapolis home sale price of $340,000 was up 10% last year, it’s still lower than the typical U.S. home sale price of $424,429. And there are a number of neighborhoods in Minneapolis where you can find home prices below the city’s overall average.
Minneapolis Housing Market Forecast
For those who are interested in the Minneapolis housing market, it can be helpful to review local housing market trends and forecasts.
Home values in Minneapolis rose 10.1% over the past year. Homes are selling close to list price, and hot homes go for 3% above list and are off the market in less than two weeks.
If you see a property in Minneapolis that you love, it could be the right time to scoop it up. Getting preapproved for a mortgage loan can help speed your search. Below, check out the current home values in Minneapolis, which are on the upswing in the last few months.
Demographics of the Minneapolis Market
Minneapolis is a diverse and exciting city with a lot to offer across its 54 square miles. At last count, 425,142 residents called this city home.
Before settling on a specific neighborhood in Minneapolis, it can be helpful to review some key demographics, according to the latest data.
Median Household Income: $81,001
Median Age: 33.3
College Educated: 58.8%
Homeowners: 48%
Married: 42%
Popular Minneapolis Neighborhoods
When planning a move to, or within, Minneapolis, homebuyers will have 83 residential neighborhoods to choose from. While everyone loves choices, that many options can feel a bit overwhelming.
Check out five popular Minneapolis neighborhoods that could make house hunting a bit easier.
Linden Hills
This pretty neighborhood is bordered by two of Minneapolis’ most popular lakes, Bde Maka Ska and Lake Harriet, offering plenty of water activities, such as canoeing and kayaking, and good views.
In the summer, there are free concerts and movies by the lake, and in the winter families love attending the annual Lake Harriet Winter Kite Festival. A commercial hub in the neighborhood brims with cafes and indie shops that locals like to visit year-round.
Quick Facts
Population:
7,955
Median Age:
38
Housing Units:
3,503
Bike Score:
69/100
Walk Score:
65/100
Transit Score:
39/100
Median Household Income:
$125,450
Linden Hills Housing Market
Home prices were up 0.7% year-over-year as of February 2025, and Redfin reports that some homes get multiple offers. Sales happen in an average of 26 days, significantly faster than the Minneapolis market as a whole. Linden Hills is considered a somewhat competitive market, and home prices are high.
Median Sale Price
$604,000
Median Price Per Square Foot
$300
Ericsson
With over 1,500 family households in Ericsson, this neighborhood is a great option for raising a family. Parents appreciate its well-ranked schools.
The majority of homes here were built in 1939, meaning there are plenty of historic gems to scoop up, but newer homes are also out there for those looking for a more modern feel.
Quick Facts
Population:
7,096
Median Age:
36
Housing Units:
3,169
Bike Score:
85/100
Walk Score:
70/100
Transit Score:
57/100
Median Household Income:
$85,036
Ericsson Housing Market
Many homes in this very competitive area receive multiple offers, some with waived contingencies, and sell in about 13 days. Homes sell at roughly 1% above list price, and prices in this area are up 4.6% in February 2025 compared to last year. Nevertheless, the median sale price is still below the typical U.S. level. Now could be a good time to find your dream home in this area at a decent price.
Median Sale Price
$332,000
Median Price Per Square Foot
$349
North Loop
Known as the Warehouse District, this progressive neighborhood has award-winning restaurants, hip bars, and indie boutiques in converted warehouses. It’s home to the Minnesota Twins.
The North Loop also offers access to a part of the Mississippi Riverfront where singles and families can get active and enjoy the views of the Minneapolis skyline.
Quick Facts
Population:
7,418
Median Age:
31
Housing Units:
5,337
Bike Score:
92/100
Walk Score:
84/100
Transit Score:
81/100
Median Household Income:
$70,425
North Loop Housing Market
North Loop home prices have jumped by almost 13% in the last year. Redfin considers this area to be “somewhat competitive,” with houses selling in approximately 93 days at 2% below list price.
Median Sale Price
$310,000
Median Price Per Square Ft.
$416
Loring Park
Home to one of the largest parks in Minneapolis, the Twin Cities Gay Pride Festival, and the first Roman Catholic basilica in the United States, this unique and diverse neighborhood at the edge of downtown is mainly made up of young professionals and retired suburban homeowners.
The neighborhood welcomes a variety of lifestyles and is considered to be a great place to both live and work. It’s also a welcoming spot for bikers and walkers, with high scores from Walkscore for both.
Quick Facts
Population:
17,354
Median Age:
34
Housing Units:
12,906
Bike Score:
86/100
Walk Score:
91/100
Transit Score:
78/100
Median Household Income:
$59,928
Loring Park Housing Market
Homebuyers who are looking for a deal may want to check out Loring Park. Homes here are pretty affordable, and median prices have dropped 14% year over year. Homes are also lingering longer on the market here of late, so negotiating may be an option for thrifty homebuyers.
Median Sale Price
$172,000
Median Price Per Square Ft.
$233
Uptown
If the Uptown neighborhood sounds familiar, that’s because Prince made this area famous by referencing it in his song “Uptown.” It’s easy to see why Prince took note of Uptown, with its indie and trendy vibe, global cuisine options, and nightlife scene.
For those looking for a more relaxed experience, this neighborhood is fairly close to the breathtaking Bde Maka Ska lake.
Quick Facts
Population:
7,093
Median Age:
30
Housing Units:
3,664
Bike Score:
94/100
Walk Score:
93/100
Transit Score:
58/100
Median Household Income:
$71,423
Uptown Housing Market
The Uptown market is considered to be somewhat competitive, and, in fact, saw the median sales price rise more than 80% in the last year. Buyers may have some wiggle room here, however, as homes sit on the market for an average of more than 80 days. Homes typically sell for 3% below their list price.
Median Sale Price
$286,000
Median Price Per Square Foot
$228
SoFi Home Loans
It’s easy to see why Minneapolis has become so popular: enticing neighborhoods, lakes and parks, breweries, museums — something for everyone from foodies to families.
If you think Minneapolis could be your home sweet home, then you may need to consider different mortgage loans during your home buying process.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What are the Minneapolis housing market predictions?
As of early 2025, the Twin Cities was still a seller’s market, with local-market experts not predicting any change to that in the near future. Single-percentage-point price increases are all that is expected in this market. The uncertainty in financial markets and the possibility of inflation mean that conditions could change quickly, however.
What is the next up-and-coming Minneapolis neighborhood?
The Near North neighborhood of Minneapolis, long one of the city’s more diverse neighborhoods, is home to cultural landmarks, parks, and locally owned businesses. A community skate park draws a crowd, and the neighborhood is home to the Minnesota African American Heritage Museum and Gallery. Home prices have risen almost 10% in the last year, but they’re still nicely below the local average.
Is there a housing shortage in Minneapolis?
There is not so much a housing shortage in Minneapolis as there is a shortage of affordable housing. Minnesota as a whole needs 101,000 more affordable homes to meet the needs of extremely low-income renters, and many will need to be in Minneapolis.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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