The city of Minneapolis is the largest city in the state and the 14th largest metropolitan area in the United States with about 3.8 million residents. Minneapolis is the primary business center between Chicago and Seattle. We hold the 5th largest concentration of Fortune 500 companies. With 20 lakes and wetlands there is as much to do in the parks and on the bike trails as there is in the commercial districts with shopping and dining.
From May of 2015 to May of 2016 this is the most up to date information on what is happening in the Minneapolis Real Estate Market. Statistics offered by the Minneapolis Area Association of Realtors.
|Median Sales Price||$214,440||$225,000||+4.9%|
|Days on the market||82||65||-20.7%|
|Months Supply of Inventory||2.9||1.9||-34.5%|
What this means for you if you’re selling your home:
It’s a very good time to sell your home if you live in Minneapolis!
- For the city as a whole, there is a small increase in the median sales price. The largest decrease in sales price was in the Calhoun neighborhood. The largest increases in the sales price were in the areas where appreciation has been the slowest in recent years. Both the Longfellow and the University neighborhood saw an increase of over 17% in sales price.
- With fewer new listings entering the market in Minneapolis, there continues to be a shortage of homes on the market. A normal balanced market has about 5 months of inventory, in Minneapolis there are only 1.9…which means it continues to be a strong seller’s market in Minneapolis. Know anyone in Minneapolis who’s thinking about selling? It would be a good time for them to put their house on the market!
- Less homes on the market is a good thing for homeowners who have a house to sell. It means less competition for you with those potential buyers!
- If you have the opportunity to get in the market now, it would be advantageous for you to do so!
See more Statistics on Minneapolis Real Estate Here
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