The Average Home Is Selling For $564K In SW Minneapolis: Report

SOUTHWEST MINNEAPOLIS — The Twin Cities release estate market is red hot and shows no signs of slowing down. Minneapolis is no exception.

In May of 2020, the average home sale price was $416,580 in Minneapolis, according to data from Minneapolis Area Realtors (MAR). In May 2021, that same number jumped to $564,001, over 35 percent.

Last year around this time, Minneapolis homes were on the market for about 37 days. Now, they're on the market for an average of 26 days, according to MAR.

"Half of all listings in the Twin Cities have an accepted offer within a week," Tracy Baglio, President of the St. Paul Area Association of Realtors, said in a news release. "As the summer season begins to build, buyers need to continue to be prepared to make firm decisions and strong offers on a home."

Looking at the bigger picture, the average home price in the 13-county metro area is about $404,342, up from $336,276 in May of 2020.

"Recent showing activity shows that prospective home buyers shifted their interests to more expensive homes," said Todd Walker, President of MAR. "Two years ago, listings priced under $200,000 saw the largest share of showing activity. This year listings around $250,000 have seen the greatest share of activity."

Find more local housing data on the MAR website.