Minneapolis locals covet the city’s plentiful green spaces, “Chain of Lakes,” and reputable food scene. While the winters are harsh and frigid, the summers are warm and humid, with temperatures hovering around 80 degrees.
Minneapolis is the most populous city in Minnesota, with a population growth of around 0.7% annually. Approximately 3 million people live in the Twin Cities metro area.
Below we cover recent Minneapolis real estate market data. If you’re a seller, buyer, agent, or broker in Minneapolis, you’ll want to bookmark this article for future reference!
Housing market forecast for 2022
The Minneapolis housing market remains very competitive, with sellers having the upper hand. Currently, there’s more demand than inventory. The housing market has 1.7 months of inventory with signs of stabilization due to rising mortgage rates.
That said, for the real estate market to switch to a buyer’s market, there needs to be a significant increase in inventory—about 5-6 months’ worth. Experts predict it could take another year for the housing market to neutralize or flip. Buyers searching for property in Minneapolis should prepare for competition and submit attractive offers.
Minneapolis homes for sale
According to Rocket Homes, there are currently 1,864 homes for sale in Minneapolis. The city remains in a seller’s market with a median sale price of $320,078. Most homes sell in under 30 days, with the average sale time hovering around 24 days year-over-year.
Motivated buyers must act quickly during their Minneapolis home search. Most listings in Minneapolis receive multiple offers at 2% to 6% over the asking price.
Rental costs in Minneapolis, MN
You can expect to pay between $1,200–$1,600 monthly for a Minneapolis-area rental unit. In Minneapolis, renter-occupied properties (51%) currently outnumber owner-occupied houses (49%).
According to Zillow, there are over 1,777 available rental units in the Minneapolis area, and renter demand remains low.
Minneapolis neighborhoods
Minneapolis is a wonderful city to call home. The communities within Minneapolis are unique, offering locals access to distinguished schools, large green spaces, boutique shops, and outstanding restaurants.
Fulton
The Fulton neighborhood is perfect for young families with its parks, playgrounds, and excellent schools. Fulton is a fairly walkable community with a Walk Score of 72, where residents enjoy strolls to Minneapolis’s premier commercial district, 50th & France.
Linden Hills
Linden Hills is a dense suburban community located directly north of Fulton. Considered one of the best neighborhoods in Minnesota, Linden Hills offers above-average schools, great nightlife and weekend activities, and picturesque homes.
Loring Park
Loring Park is the quintessential neighborhood for an active lifestyle. The park offers miles of cycling and walking paths, ample green space, and Loring Pond. Loring Park residents can expect a year full of festivals, farmers’ markets, and summer movie nights.
Nokomis
Nokomis is a residential community known for its popular beaches on Lake Nokomis and the Hiawatha Golf Course. Commuting from Nokomis is easy, with the interstate and the Minneapolis-Saint Paul International Airport only minutes away.
North Loop
Young professionals naturally gravitate toward the North Loop neighborhood. Also known as the Warehouse District, this eclectic community is all about funky startups, hip bars, and unique boutiques. With no shortage of vibrance, it’s no wonder the North Loop is Minnesota’s fastest-growing neighborhood.
Minneapolis school systems
There are 452 schools in Hennepin County, including 115 public schools, 278 private schools, and 59 charter schools.
The top public schools in the Minneapolis area include:
- Armatage Elementary School
- Hale Elementary School
- Yinghua Academy
- Justice Page Middle School
- Lake Harriet Upper School
- Hiawatha Collegiate High School
Minneapolis economy
If you’re looking to relocate to Minneapolis, Minnesota, you can feel confident you’ll have access to everything you need to flourish. U.S. News ranks Minnesota second in the country overall and the category of opportunity.
Minneapolis job growth
The Twin Cities rank high on the list of best and most affordable places to live, thanks to plenty of job opportunities and an extremely low unemployment rate hovering around 2%. The top industries in Minneapolis include advanced manufacturing, health care, clean tech/renewable energy, and leading life sciences.
You can find several Fortune 500 companies headquartered in Minneapolis-St. Paul, including Xcel Energy, Medtronic, UnitedHealth Group, 3M, General Mills, Target, and Best Buy.
Selling a home in Minneapolis?
Even though Minneapolis is a seller’s market, it doesn’t mean you can’t benefit from professional photography. Virtual tours, aerial photos, and professional photography are excellent marketing materials and can help potential buyers imagine themselves in your beautiful home.
To sell a house quickly and for the most money in Minneapolis, choose Virtuance for your real estate photography services.
