Cheap Homes For Sale in Minneapolis MN | Zillow (2024)

FAQs

Are Minneapolis home prices dropping? ›

Minneapolis Housing Market Trends

In July 2024, Minneapolis home prices were up 5.4% compared to last year, selling for a median price of $353K. On average, homes in Minneapolis sell after 20 days on the market compared to 15 days last year. There were 535 homes sold in July this year, up from 523 last year.

Affordable Housing Options in the Twin Cities

Lutheran Social Service of MN offers affordable housing options in the Minneapolis - St. Paul metropolitan area. These housing options have minimum and maximum income requirements and amount of rent paid is not based on income.

Real estate investors can expect lucrative returns in Minneapolis neighborhoods, thanks to a steady increase in population and job opportunities. The city offers a high quality of life with strong community ties, robust amenities, and excellent schools, factors that contribute to a stable and profitable rental market.

Cheaper Houses: The median home sale price in Minnesota is ~340K. But you can get houses between $168K and $290K in cities like Hibbing, Austin, and St.

Sale-to-list price ratio: 100% Homes in Minneapolis, MN sold for approximately the asking price on average in July 2024. Minneapolis, MN is a buyer's market in July 2024, which means that the supply of homes is greater than the demand for homes.

You'll find the best inventory of houses in spring. If you're after a bargain, consider searching for a house in late autumn or winter. Inventory is lower, but you have a higher likelihood of getting a house below the asking price.

A new survey by SmartAsset shows Minneapolis and St. Paul singles need to make salaries equal to an average of $90,000 annually to live comfortably.

1. Linden Hills is a vibrant neighborhood located in the southwest corner of Minneapolis, Minnesota. 2. Fulton, located in the southwestern part of Minneapolis, is a place that offers a charming blend of residential tranquility, lively commercial areas, and serene natural beauty.

Why is Minneapolis housing so cheap? ›

Minneapolis's success in keeping inflation relatively low is partially thanks to their move in late 2018 to end single-family zoning, a plan that applied to 70% of Minneapolis's residential land, per Bloomberg. The act allowed for increased density in Minneapolis.

Overall, Florida is about 5 percent more expensive than Minnesota. That means you could end up paying more for everything from groceries to housing. However, many big cities in Florida compare favorably to big cities in Minnesota.

Median Home Price

The median sale price of a home in Minnesota as of April 2024 was $354,900 according to Redfin's monthly housing market data. This is an increase of 3.9% from April 2023, accurately reflecting predictions of continually increasing house prices in the state.

Minneapolis Now One of Worst Cities in Entire Country For Housing Shortages. (The Center Square) – According to a recent study by Zillow, Minneapolis has the eighth-worst housing shortage in the country. Despite a pandemic construction boom, the home buying site says the U.S. is short 4.5 million homes as of 2022.

The cost of living index (COLI) is a metric that compares the prices of standard bills and consumer goods in an area to the rest of the US, which is represented by 100. The Minneapolis cost of living index is 102.9, which means it's 2.9% more expensive than the rest of the US.

When it comes to twin-cities living, it can't be beat. In fact, you can easily expect a great quality of life in Minneapolis, with its endless supply of parks and outdoor activities, numerous gorgeous lakes, and mouthwatering food scene — among many other things.