Top Small Teams in Minneapolis, Minnesota – Ranked By Sides

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2023 Minneapolis, Minnesota Housing Market Summary

Minneapolis, Minnesota started 2023 with a total of 509 single-family homes on the market, with a median home price of $339,900 and an average price per square foot of $219. By the end of the year, inventory had increased to 602 homes on the market (+18%), with a median home price of $352,450 (+3%) and an average price per square foot of $222 (+1%).

At the start of 2023, the median days on market (DOM) was 63 days – by the end of the year, median DOM had remained the same at 63 days.

Minneapolis started the year with 49% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 49% of Minneapolis homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Minneapolis started 2023 as a strong seller’s market, with an MAI score of 57; by the end of the year, the MAI had dropped to 49 – a strong seller’s advantage.

This market summary is powered by Altos Research – click here to run a free report for your area.

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