Minnesota Real Estate Market May 2022: Forecasts + Trends

Minnesota real estate trends (May 2022)

How is the real estate market in Minnesota?
🏠 Average home value: $334,482	📈 -0.03% home value decrease month over month
💰 Median sale price: $373,200	⏳ 40 days on the market
🔑 Homes on the market: 11,551	📆 1.4 months of housing inventory
🏦 30-year mortgage rate: 5.54000%	💵 Average income: 73382
State of the market: A-
Minnesota’s real estate market continues its hot streak, with homes selling quickly at prices just short of their values. However, the uptick in inventory may be the first sign of this market starting to cool.
_{Data last updated May 2022}*

Minnesota is nicknamed the Land of 10,000 Lakes for its stunning natural beauty. But along with its shining lakes and lush forests, the state is also home to the Twin Cities — St. Paul and Minneapolis — where Fortune 500 companies including Target and General Mills are headquartered.

Minnesota's overcast weather and snowy winters make it an ideal place to practice the Danish tradition of hygge.

If you're thinking of buying or selling in Minnesota, these Minnesota housing predictions and stats can help you make an informed decision.

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Selling a home in Minnesota

Minnesota real estate market forecast for sellers
⏰ Homes are selling 4 days slower than the annual average	💰 Homes are selling for $8,635 more than the annual average
💸 Average listing commission: 2.73%	💸 Average buyer's commission: 2.68%

How to sell a home in Minnesota

Cost to sell a home in Minnesota

Buying a home in Minnesota

How much home you can buy with $300,000 in...
🏠 Minneapolis: 1,478 sq ft	🏡 Rochester: 2,206 sq ft
🏡 Duluth: 1,829 sq ft	🏠 Brainerd: 1,339 sq ft

Investing in Minnesota real estate

Best of Minnesota

Each month, we compare locations in Minnesota based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in Minnesota
1. Anoka County
2. Dakota County
3. Scott County
4. Washington County
5. Carver County

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Worst of Minnesota

Each month, we compare locations in Minnesota based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in Minnesota
1. Clearwater County
2. Mahnomen County
3. Mille Lacs County
4. Wadena County
5. Kanabec County

Minnesota resources

Frequently asked questions about Minnesota real estate

It is currently a seller’s market in Minnesota. Even though listing prices have dropped, it's caused properties to be sold much faster than average. While that is the overall market trend, each city and town is different, so it’s still best to consult with a real estate agent to know your local trends.

Yes, Minnesota is a good state to invest in real estate, especially in bigger cities like Minneapolis and St. Paul, where the demand for housing is higher and consistent. However, if you want to make the most out of your investment, then you’ll first need to do some research about the right properties to buy and create a property management plan. Learn more in our guide to real estate investing.

It might not be the best time to buy a house in Minnesota right now. Although listing prices are a bit lower than they have been, the heightened demand and limited inventory are causing prices to increase steadily. If you’re planning on buying in the state, then it’s best to work with a top real estate agent to help you land a good deal.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.

Minnesota Real Estate Market in 2022: Forecasts + Trends