In November, home prices fell moderately from the month before, with a median listing price of $325,000.
The number of listings on the market shrank 6.1% from last month, which is a smaller decrease than normal for this time of the year in Minneapolis, and homes are also selling at the same pace as the same time last year.
Home prices in Minneapolis
Typically, home price per square foot in Minneapolis tend to rise in November. But the most recent data shows that the price per square foot decreased by 2.5% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 1.2%, which means price changes in the City of Lakes are larger the national market.
Minneapolis inventory
In November, there were 870 homes for sale in Minneapolis, which was 6.1% less than the month before and 2.1% more than the same time last year.
Meanwhile, active inventory across the nation fell by 2.5% from last month to 1,072,266.
The number of new listings in Minneapolis was 336, which was 19.6% less than the month before and 2.3% less than the same time last year.
Nationally, the number of new listings fell by 14.1% from last month to 330,908.
Time on market
Homes in Minneapolis take an average of 51 days to sell, according to November figures.
This is six days more than the previous month and the same as the same month last year.
For comparison, nationally homes spent an average of 64 days on the market in November.
Use the Realtor.com data portal to get more market data, broken down by state, metro or ZIP code.
* Here’s a live look at popular listings and recent home sales in Minneapolis, MN.