In June, home prices remained unchanged from the month before, with a median listing price of $325,000.
The number of listings on the market grew 3.6%, which is a smaller increase than normal for this time of the year in Minneapolis, and homes are also selling faster than at the same time last year.
Home prices in Minneapolis
Typically, home price per square foot in Minneapolis tend to rise in June. And the most recent data shows that the price per square foot increased by 0.6% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.4%, which means price changes in the City of Lakes are outpacing the national market.
Minneapolis inventory
In June, there were 846 homes for sale in Minneapolis, which was 3.6% more than the month before and 1.8% less than the same time last year.
Meanwhile, active inventory across the nation rose by 4.5% from last month to 1,082,520.
The number of new listings in Minneapolis was 564, which was 7.8% less than the month before and 5.4% less than the same time last year.
Nationally, the number of new listings fell by 2.7% from last month to 452,414.
Time on market
Homes in Minneapolis take an average of 40 days to sell, according to June figures.
This is three days more than the previous month and three days less than the same month last year.
For comparison, nationally homes spent an average of 53 days on the market in June.
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.