Minneapolis Housing Market: Trends & Prices

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    Minneapolis Real Estate Market Overview

    (Last Updated – 10/2020)

    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 further than six blocks from a park.

    Minneapolis has grown greatly in the years since Wirth left his mark on this city, but make sure to stop by Theodore Wirth Regional Park to golf, ski, fish, or enjoy other outdoor sports. Today, the city is home to a diverse community welcoming to immigrants from around the world. Locals and visitors can enjoy the Somali-American Museum, which is the world’s first (and only) museum devoted to the Somali culture.

    For those interested in buying a home in the Minneapolis real estate market, there are some great benefits to putting down roots in this city. Alongside having access to arts and culture, amusement parks, casinos, music, and nightlife, there are also some really awesome housing opportunities.

    The average Minneapolis home price comes in at just around $314,000, which may explain why they sell so quickly (typically after 17 or so days on the market).

    Keep reading for helpful insights about the Minneapolis real estate market and what it’s like to live in some of the city’s most popular neighborhoods.

    $314,000

    Avg. Home Price

    $182

    Avg. Price Per Sq. Ft

    17 days

    Avg. Time on Market

    Minneapolis Housing Market Forecast

    For those who are interested in the Minneapolis housing market, it can be helpful to review local market forecasts.

    Median home prices in Minneapolis rose by 3.3% over the past year and it is expected that they could fall by 1.8% within the next year, so buyers may have a little luck in finding lower prices.

    Housing market forecast chart

    *Graph taken from Zillow as of 09/2020

    Demographics of the Minneapolis Market

    Minneapolis is a diverse and exciting city with a lot to offer across its 53.97 square miles. Over 429,000 residents call this great city home and it’s easy to see why.

    Before settling on a specific neighborhood in Minneapolis, it can be helpful to review some key demographics about the city.

    Median Income: $63,590

    Median Age: 32.2

    College Educated: 49%

    Homeowners: 47.7%

    Married: 36%

    Linden Hills

    This pretty neighborhood is bordered by two of Minneapolis’ most popular lakes, Bde Maka Ska and Lake Harriet, meaning there are plenty of water activities, such as canoeing and kayaking, and good views to enjoy.

    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. There is also a commercial hub in the neighborhood full of cafes and indie shops that locals like to visit year round.

    Quick Facts

    Population:

    7,885

    Median Age:

    37

    Housing Units:

    3,556

    Bike Score:

    70

    Walk Score:

    64

    Transit Score:

    41

    Average Household Income:

    $136,101

    Linden Hills Housing Market

    This housing market is considered to be very competitive, as homes for sale typically receive multiple offers and sell in around 23 days.

    Luckily, prices in this area have dropped by 36.1% in the last year and homes generally sell for 1.2% below their list price.


    Average Home Price

    $425,000

    Average Price Per Sqare Ft.

    $274


    Ericsson

    With over 1,500 family households (850 of which have children in them) in Ericsson, this neighborhood is a great option for raising a family.

    The majority of homes in this neighborhood were built in 1939, meaning there are plenty of historic gems to scoop up, but there are also some great newer home options for those looking for a more modern feel.

    Quick Facts

    Population:

    7,388

    Median Age:

    35

    Housing Units:

    3,046

    Bike Score:

    85

    Walk Score:

    66

    Transit Score:

    59

    Average Household Income:

    $77,184

    Ericsson Housing Market

    Home buyers may need to act quickly if they find a home they love in the Ericsson neighborhood as it is a very competitive housing market.

    Many homes in the area receive multiple offers, some with waived contingencies, and they sell in about 11 days.


    Average Home Price

    $418,000

    Average Price Per Square Ft.

    $201


    North Loop

    This vibrant and walkable neighborhood has award-winning restaurants, is home to the city’s major league baseball team, and some really fashionable boutiques that locals and visitors frequent. Some may consider this neighborhood to be a “hipster” one, but we happen to think it sounds like good fun for everyone.

    The North Loop also offers access to a part of the Mississippi Riverfront where singles and families can get active and enjoy the stunning views of the Minneapolis skyline.

    Quick Facts

    Population:

    6,414

    Median Age:

    31.8

    Housing Units:

    4,142

    Bike Score:

    91

    Walk Score:

    83

    Transit Score:

    87

    Average Household Income:

    $98,733

    North Loop Housing Market

    Home prices are on the rise in North Loop, in the past year they’ve risen by 77%. Despite rising prices, homes in this area sell after spending around 24 days on the market.


    Average Home Price

    $460,000

    Average Price Per Square Ft.

    $349


    Loring Park

    This unique and diverse neighborhood is mainly made up of a mix of young professionals and retired suburban homeowners who are looking to take advantage of the many benefits of urban living.

    This is a very friendly and accepting neighborhood that welcomes a variety of lifestyles and is considered to be a great place to both live and work.

    Quick Facts

    Population:

    16,588

    Median Age:

    33.3

    Housing Units:

    11,975

    Bike Score:

    87

    Walk Score:

    90

    Transit Score:

    85

    Average Household Income:

    $79,160

    Loring Park Housing Market

    Home buyers who are looking for a steal of a deal may want to check out Loring Park. The housing prices in this neighborhood dropped by 27% in the past year.

    Homes in this area sell for about 3.7% under their list price, so negotiating may be an option for thrifty home buyers.


    Average Home Price

    $270,000

    Average Price Per Square Ft.

    $229


    Uptown

    If the Uptown neighborhood sounds familiar, that’s because Prince made this area famous by referencing it in his song “Uptown”. We can see why Prince took note of Uptown, with it’s amazing global cuisine options and lively 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:

    6,779

    Median Age:

    31

    Housing Units:

    3,510

    Bike Score:

    94

    Walk Score:

    93

    Transit Score:

    60

    Average Household Income:

    $82,122

    Uptown Housing Market

    The Uptown housing market is considered to be somewhat competitive, giving buyers a little more wiggle room than in other popular Minneapolis neighborhoods.

    Some homes in the area receive multiple offers and typically they sell for 2.9% below their list price in around 55 days.


    Average Home Price

    $345,000

    Average Price Per Square Ft.

    $264



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    It’s easy to see why Minneapolis has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.

    If you think Minneapolis could be your home sweet home, then you may need to consider your home loan options.

    If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.

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