Home Values in Minneapolis, Minnesota — 2026 Market Report
Updated March 2026 | Seller's Market | +3.8% YoY
The median home value in Minneapolis, Minnesota is $325,000 as of March 2026, which is below the national median of $400,000. Home values in Minneapolis have increased by 3.8% over the past year and 20.5% over the last five years. With a population of 429,954 and a median household income of $63,563, the price-to-income ratio stands at 5.1x, making Minneapolis affordable for the average household.
Minneapolis Housing Market Conditions
| Metric | Minneapolis | National Avg |
|---|---|---|
| Median Home Value | $325,000 | $400,000 |
| YoY Appreciation | +3.8% | +3.8% |
| 5-Year Appreciation | +20.5% | +22.4% |
| Price per Sq Ft | $144 | $222 |
| Days on Market | 34 days | 45 days |
| Months of Supply | 2.7 | 3.5 |
| List-to-Sale Ratio | 101.3% | 98.5% |
| Monthly Homes Sold | 367 | — |
| Foreclosure Rate | 0.31% | 0.3% |
Home Value Trends in Minneapolis
A homeowner who purchased at the median price of $269,710 five years ago in Minneapolis would have gained approximately $55,290 in equity, representing a 20.5% return on investment. Over the past year alone, the typical homeowner gained $11,898 in home equity.
Affordability in Minneapolis, MN
With a median household income of $63,563 and a median home price of $325,000, the price-to-income ratio in Minneapolis is 5.1x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $2,218 compared to estimated monthly ownership costs of $1,846 gives a rent-vs-buy ratio of 0.83. In Minneapolis, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Minneapolis
The effective property tax rate in Minnesota is 1.12%. On a home valued at $325,000, the estimated annual property tax bill is $3,640, or approximately $303/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Minneapolis is 105.1 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Minneapolis, MN?
The median home value in Minneapolis, Minnesota is $325,000 as of March 2026. Home values have changed +3.8% over the past year, with a 5-year appreciation of 20.5%.
Is Minneapolis a buyer's or seller's market?
Minneapolis is currently a seller's market with 2.7 months of housing supply. Homes spend an average of 34 days on market, and the list-to-sale price ratio is 101.3%. Low inventory gives sellers an advantage.
Are home values going up in Minneapolis?
Yes, home values in Minneapolis have increased by 3.8% over the past year. The 5-year appreciation rate is 20.5%, meaning a home worth $269,710 five years ago is now worth $325,000.
Is it better to rent or buy in Minneapolis?
The average monthly rent in Minneapolis is $2,218, while estimated monthly homeownership costs are approximately $1,846. The price-to-rent ratio is 12.2. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other Minnesota Cities
Related Resources
Disclaimer: Home value data for Minneapolis, Minnesota is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.