Top Mega Teams in Minneapolis, Minnesota – Ranked by Volume

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    2023 Minneapolis, Minnesota Housing Market Summary

    Minneapolis, Minnesota started 2023 with a total of 509 single-family homes on the market, with a median home price of $339,900 and an average price per square foot of $219. By the end of the year, inventory had increased to 602 homes on the market (+18%), with a median home price of $352,450 (+3%) and an average price per square foot of $222 (+1%).

    At the start of 2023, the median days on market (DOM) was 63 days – by the end of the year, median DOM had remained the same at 63 days.

    Minneapolis started the year with 49% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 49% of Minneapolis homes for sale had taken a price cut.

    Finally, Altos’ proprietary Market Action Index (MAI) shows that Minneapolis started 2023 as a strong seller’s market, with an MAI score of 57; by the end of the year, the MAI had dropped to 49 – a strong seller’s advantage.

    This market summary is powered by Altos Research – click here to run a free report for your area.

    Housing Market News

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    Lower mortgage rates attracting more homebuyers 

    Sep 16, 2024By

    An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

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