Minneapolis Housing Market

By Brian Anderson

Minneapolis median home sale price increased by 1.4% or $5,000 in January compared to the same month in 2025, marking the lowest growth to start a year since 2012.

Minneapolis home price appreciation continues to outpace the national average

Minneapolis’ home prices increased 1.4% year over year in January, slightly outpacing the national gain of 1.3% and marking the fifth consecutive month of outperformance. This places Minneapolis 16th among the largest 40 U.S. markets for annual price growth on a percentage basis.

Attached and detached housing prices increase while condo prices fall

The sale price of condos in January fell by $8,000 compared to this time last year, marking the sole property type in decline while the broader market remains in positive territory. By comparison, attached homes posted a $5,050 year-over-year increase, while the sale price of detached homes increased by $4,000 from this time last year.

Average home sale price in Minneapolis is in line with the broader nation

Continued steady appreciation has pushed Minneapolis’ average home sale price to $375,000 in January, in line with the national average of $374,900. Minneapolis’ average home price ranks 26th among the 40 largest U.S. markets but is the highest across all major Midwest markets, nearly 10% higher than Chicago.


Data point boxes showing key median home sale price indicators for January in the Minneapolis market, and comparing them to National figures, with Minneapolis slightly outperforming compared to National pricing trends.
Minneapolis has consistently outperformed the national average for home sale price appreciation since the start of 2025.


Bar chart showing Minneapolis monthly home sale prices since 2018, showing Minneapolis ended January 2026 with a home sale price of $375,000.
Minneapolis' home sale price has trended downward since peaking in June 2025.


Line chart showing the year-over-year dollar change in Minneapolis home prices from 2018 to January 2026. Gains peaked near $50,000 in 2021, briefly turned negative in 2023, and have since stabilized at a modest $5,000 as of January 2026.
The $5,000 year-over-year dollar gain in January 2026 reflects a market that is still appreciating, but well off its 2021–2022 peak.


Shaded area chart showing the annual percentage change in Minneapolis home prices from 2018 to January 2026. Growth surged above 15% in early 2021, fell sharply and briefly turned negative in mid-2023, then stabilized in the 1–4% range through early 2026.
Minneapolis home sale price growth has stabilized in positive territory since early 2024, with January 2026 registering 1.4% year-over-year gains.


Bar chart showing Minneapolis median home sale prices for January only from 2018 through 2026, with prices increasing every year without exception.
January home prices in Minneapolis have risen every year since 2018, climbing 54% from $244,000 to $375,000 over that span.


Bar chart showing the year-over-year percentage change in Minneapolis home prices for January each year from 2018 to 2026. Growth peaked at 11.5% in 2021 and 11.3% in 2022 before decelerating to 2.4% in 2023 and reaching an eight-year low of 1.4% in January 2026.
The 1.4% annual January gain in 2026 is the smallest since 2012, reflecting a market that remains positive but has cooled considerably from its 2021–2022 peak.


Horizontal bar chart ranking 40 major U.S. markets by median January 2026 home sale price. San Jose leads at $1,402,500 and Cleveland is lowest at $225,000. Minneapolis, highlighted in blue at $375,000, ranks 26th and tops all major Midwest markets.
At $375,000, Minneapolis ranks 26th among the 40 largest U.S. markets and is the highest-priced major Midwest metro, nearly 10% above Chicago.


Horizontal bar chart ranking 40 major U.S. markets by year-over-year percentage change in January 2026 home prices. Philadelphia leads at 8.6% and Raleigh is lowest at -4.3%. Minneapolis, highlighted in blue at 1.4%, ranks 16th. Roughly half of all markets recorded price declines.
Minneapolis' 1.4% annual gain in January ranks 16th nationally, outperforming more than half the top 40 markets, many of which posted year-over-year price declines.


Data point boxes showing home sale price trends by home type, including detached, attached, and condos, showing that condos experienced a 4.2% decline in home sale prices in January 2026 compared to modest growth across the other property types.
Condos are the only property type losing value in Minneapolis, down 4.2% year-over-year, while detached and attached homes continue to appreciate modestly.


Paired horizontal bar charts showing January 2026 sale prices and year-over-year price changes by property type in Minneapolis. Detached homes lead at $394,000 (1.0%), followed by attached homes at $280,000 (1.8%) and condos at $182,000 (-4.2%), the only segment in decline.
Minneapolis condos are the outlier in an otherwise stable market, falling 4.2% year-over-year while detached and attached homes continue to appreciate.


For questions and commentary about this report:

Brian Anderson, Director of Market Analytics at CoStar and Homes.com, based in Minneapolis, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Brian Anderson

Director of Market Analytics

Homes.com

banderson@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all home sales are accounted for, they provide an early indication of home sale price appreciation in Minneapolis during January 2026.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.

Writer
Brian Anderson

Brian Anderson is the Director of Market Analytics for CoStar and Homes.com. He analyzes commercial and residential real estate trends across seven Midwest states, including Minnesota, where he is based. He provides insights into home prices, inventory levels, rental conditions, and economic factors shaping the housing market. Before joining CoStar, Brian was a senior valuation analyst with KPMG’s Economic and Valuation Services Group. He has also worked CBRE’s Valuation and Advisory Services Group and Ernst & Young, in the banking and capital markets sector. Brian is also a certified public accountant. His work has appeared in the Washington Post, Twin Cities Business Magazine, Minnesota Star Tribune, and Minneapolis/St. Paul Business Journal. Brian earned a bachelor's degree in accounting from the University of St. Thomas, in Minnesota.

Read Full Bio