Real estate trends in Minnesota | Sellers | Buyers | Investors | The best and worst of Minnesota | Minnesota resources
Minnesota real estate trends (May 2022)
How is the real estate market in Minnesota? | |
|---|---|
🏠 Average home value: $330,167 | 📈 0.99% home value increase month over month |
💰 Median sale price: $322,300 | ⏳ 41 days on the market |
🔑 Homes on the market: 5,837 | 📆 0.6 months of housing inventory |
🏦 30-year mortgage rate: 2.99% | 💵 Average income: $57,144 |
State of the market: A- | |
Listing prices decreased slightly in Minnesota, and as a result, properties are starting to get snatched up by buyers. And since there isn't enough inventory to meet demand long term, this seller's market should hold strong as long as homeowners stay realistic about their listing prices. | |
*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.
Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!
Selling a home in Minnesota
Minnesota real estate market forecast for sellers | |
|---|---|
⏰ Homes are selling 6 days faster than the annual average | 💰 Homes are selling for $41,007 more than the annual average |
💸 Average listing commission: 3.00% | 💸 Average buyer's commission: 2.70% |
How to sell a home in Minnesota
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in Minnesota (June 2021 Rankings)
- 8 Steps to Selling a House in Minnesota
- How to Sell a House By Owner in Minnesota (2021 Update)
- 5 Best Minnesota Flat-Fee MLS Companies in 2021
- We Buy Houses for Cash Companies in Minnesota (2021 Rankings)
Cost to sell a home in Minnesota
- What's The Average Minnesota Real Estate Commission In 2021?
- Minnesota Seller Closing Costs in 2021: How Much Will You Pay?
Buying a home in Minnesota
How much home you can buy with $300,000 in... | |
|---|---|
🏠 Minneapolis: 1,604 sq ft | 🏡 Rochester: 2,222 sq ft |
🏡 Duluth: 1,948 sq ft | 🏠 Brainerd: 1,322 sq ft |
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in Minnesota
- The 5 Most Affordable Places to Live In Minnesota
- The Best Time to Buy a House in Minnesota
- Everything You Need to Know About Moving to Minnesota
Investing in Minnesota real estate
- Top 5 Best Real Estate Investment Markets in Minnesota
- The Ultimate Guide to Flipping Houses in Minnesota
- A Beginner's Guide to Buying an Apartment Building
Best of Minnesota
Each month, we compare cities in Minnesota based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.
Most Affordable Cities in Minnesota |
|---|
1. Duluth |
2. St. Cloud |
3. Rochester |
Ready to buy a home in Minnesota? Eligible buyers get cash back with Clever!
Worst of Minnesota
Each month, we compare cities in Minnesota based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.
Least Affordable Cities in Minnesota |
|---|
1. Faribault-Northfield |
2. Brainerd |
3. Minneapolis-St. Paul-Bloomington |
Minnesota resources
- Minnesota Commerce Department Real Estate Licensing
- Minnesota's real estate license verification
- Minnesota's real estate agent code of conduct
- Minnesota's disclosure forms
- Transfer taxes in Minnesota
- Home buying assistance programs in Minnesota
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, S&P Global, 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.