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Minneapolis real estate market overview
- Average Monthly Rent: $1,660
- Home Price/Value Percentage Change: -1.10%
- Median Home Value: $314,974
- Best Time To Sell a Home: September
- Affordability Index: Moderate
- Days To Sell a House: 54
- Job Market: Fair
- Public School Ranking: 15
Location and weather
Minneapolis is in southeastern Minnesota at the head of navigation on the Mississippi River near the Minnesota River. The city of St. Paul joins it on the east and forms the Twin Cities metropolitan area. Suburban communities nearby include Columbia Heights, Brooklyn Park, Plymouth, St. Louis Park, Richfield and Bloomington.
Minneapolis has a very cold winter from late November to early March with an average high temperature below 36 degrees and the average lows below 10 degrees. The summer season is from late May to early September with an average high temperature above 71 degrees and lows in the mid 60's.
Population, job market and cost of living
The population in Minneapolis is 444,168 with an annual growth rate of 1.08%.
The job market has decreased by -3.6% over last year. The 10-year job growth is predicted to be 36.67%. The largest employers in Minneapolis are Health Care & Social Assistance, Educational Services and Professional, Scientific & Technical Services. Major companies in Minneapolis include the corporate Target office, Aeon, Medtronic, Lucas and Kindred Escrow Corp.
The cost of living is moderate due to the Minneapolis real estate market with higher housing costs. While it may have a cold climate, Minneapolis continues to grow in people and in jobs with major businesses headquartered there. The Twin Cities will continue to attract more people looking for jobs and a mid-west style of living.
Minneapolis real estate market details
- Linden Hills
- Fulton
- Waite Park
- Ventura Village
- Whittier
The average monthly rent in Minneapolis is $1,660 for an average apartment size of 777 sq. feet.
There has been a -1.1% decrease in median home value over the last year. As of 2023, the median home value is $314,974.
On average, homes in Minneapolis sell after 54 days on the market.
The best time to sell a home for the highest valued sale is during September. For the quickest sale, homeowners should sell in July.
The affordability index in Minneapolis is 105. This number indicates moderate affordability in this city.
The top ranked public schools are Plymouth Creek Elementary School, Kimberly Lane Elementary School, North Woods Elementary School, Wayzata High School and Elementary Lighthouse. This information is based on data measuring academic performance and equity.