Minneapolis Housing Market

By Brian Anderson

Minneapolis housing market shows steady prices and rising inventory as sales trail last year

Minneapolis recorded stable home prices in February 2026, a clear increase in listings, and seasonally improving sales that remained below last year’s level.

Median home price holds steady with modest month-over-month movement

The median sale price in Minneapolis was $380,000 in February, essentially flat year over year and up modestly from January. Price performance reflected a relatively steady market, in line with national conditions in which many other metros also showed limited winter price movement. Detached homes continued to anchor overall pricing, with median prices holding near $400,000 and showing mild month-over-month gains.

Active listings rise meaningfully as sellers reenter the market

Active listings totaled 10,149 in February, up 12% year over year and surpassing January levels, signaling a clear improvement in inventory availability and growing seller confidence ahead of the spring selling season. Inventory growth was most pronounced among detached homes, which made up the bulk of new supply and expanded buyer choice in the mid-priced segment of the market. Condo inventory also increased but remained elevated relative to sales, contributing to a more buyer-friendly dynamic in that segment.

Home sales improve seasonally but remain below last year’s pace

Minneapolis recorded 2,168 home sales in February, down 10% year over year but up from January in a typical seasonal rebound. Sales of detached homes followed this pattern closely, rising month over month but remaining constrained compared with last winter as affordability pressures continued to weigh on demand. Condo sales were softer year over year, reflecting higher inventory levels and more cautious buyer activity. Overall, the sales trend suggested that demand was stabilizing as spring approached, though it was still constrained by borrowing costs and price sensitivity relative to a year earlier.


Horizontal bar chart showing the annual percentage change in February inventory by market, with Minneapolis recording an increase of approximately 11.5%.
Minneapolis posted a solid year‑over‑year increase in February inventory, placing it among markets experiencing meaningful inventory expansion.


Minneapolis Sale Prices

Home sale prices in Minneapolis were flat in February compared to the same month the prior year, ranking in the bottom half of major metros in the U.S. for price growth.

Minneapolis home price growth is stable

Home prices in Minneapolis were flat year over year in February. Price performance reflected steady market conditions, in line with the national trend, where prices increased 0.2%. Many other major metros also showed limited price movement, including Indianapolis and Dallas-Fort Worth.

The median home price is $380,000 in Minneapolis

Minneapolis ranks 20th among the top 40 U.S. markets in terms of the median home price. While slightly ahead of the national benchmark, prices in Minneapolis remain affordable compared to high-cost coastal markets.

Price performance varies by property type

Prices for detached houses remained flat, while townhomes declined by 6.7%. Condos, which are the most affordable housing in Minneapolis, and experienced a 10.5% increase, with prices at $209,900.


Data point boxes comparing Minneapolis home prices with U.S. averages in February. Minneapolis shows a median sale price of approximately $380,000 with a 0.0% annual change, while the U.S. shows a slightly lower price near $375,885 and a 0.2% annual increase.
Minneapolis prices were flat year-over-year in February, underperforming the slight national increase but maintaining a mid-range national ranking.


This time-series bar chart shows Minneapolis home sale prices from 2018 through February 2026. Prices rose sharply during the pandemic years and have since leveled off. February data shows prices around $380,000, indicating stability following earlier growth.
Despite recent flattening, Minneapolis home prices remain elevated compared with pre-pandemic levels.


Area chart tracking the annual percent change in Minneapolis home sale prices from 2018 through February 2026. Growth accelerated into the low-to-mid teens during the pandemic years before steadily decelerating. In February, annual growth is shown near 0%, indicating that home prices have flattened on a year-over-year basis.
After peaking earlier in the cycle, annual price growth in Minneapolis has cooled to near zero by February, signaling stabilization.


Vertical bar chart showing Minneapolis’s annual change in sale prices for February across multiple years from 2018 to 2026. Earlier years show stronger positive growth, while more recent bars decline toward zero. The latest bar indicates approximately 0.0% change, reinforcing that prices were essentially unchanged year-over-year in the most recent February reading.
February data shows Minneapolis home prices holding steady, with recent annual changes near zero.


Horizontal bar chart showing February home sale prices across major U.S. metropolitan markets. Prices range from over $1.5 million in San Jose, California, to roughly $230,000 in Cleveland, Ohio. Minneapolis is shown at approximately $380,000, placing it in the lower half of the markets displayed and well below high-cost coastal cities. The chart highlights Minneapolis’s relative affordability compared with national peers.
In February, Minneapolis home prices remained among the more affordable large U.S. metros, with values well below coastal markets and largely flat month over month.


Horizontal bar chart showing the annual percentage change in February home sale prices across U.S. metro areas. Minneapolis is displayed at approximately 0.0%, indicating no year-over-year price growth. The chart illustrates a broadly mixed national pricing environment, with Minneapolis reflecting price stability.
Minneapolis posted a flat year-over-year price change in February, contrasting with modest gains in several Midwest and Sun Belt markets and declines in many coastal metros.


Data point boxes summarizing Minneapolis home sale prices and annual changes by property type. Detached homes show a median price of about $400,000 with 0.0% annual growth. Attached homes are priced near $266,925 and show a decline of roughly 6.7% year-over-year. Condos have the lowest price point at approximately $209,900 but the strongest performance, with annual growth of about 10.5%. The chart highlights divergence in pricing trends by housing type.
In February, price performance varied by property type, with condos posting gains while detached and attached homes were flat to declining.


Bar charts comparing sale prices and annual percentage change for detached, attached, and condo properties in Minneapolis. Detached homes show the highest prices and flat growth, attached homes show lower prices with negative growth, and condos show the lowest prices but positive annual appreciation. The chart emphasizes stronger relative momentum in the condo segment.
Condo pricing continues to outperform other housing types in Minneapolis, while detached home prices remain stable.


Minneapolis Inventory

Inventory increased notably year over year in February, but still trailed U.S. inventory growth.

Inventory increases by nearly 1,100 homes in February, marking an 11.7% increase annually

Inventory growth in Minneapolis was slower compared to the national market, where inventories increased by 14.2% in February. Minneapolis ranked 20th among the top 40 U.S. markets for inventory growth.

Inventories in Minneapolis are at the highest February level since 2020

Minneapolis’ 10,149 active listings were the highest February total in recent years, although inventories remained well below pre-pandemic levels, suggesting supply-constrained conditions. Minneapolis ranked in the middle of major markets in terms of inventory.

Inventory expands across property types, with condos leading the way

Inventory growth occurred across all housing types in Minneapolis. Single-family listings rose by 8.4%, townhome listings increased by 2.3%, and condo inventory experienced the sharpest increase at 8.8%. Single-family homes accounted for most listings, while faster growth in condo inventory suggested improving availability of more affordable property types.


Data point boxes comparing Minneapolis and U.S. active listings, annual change, and annual growth rate, along with national rankings for each metric.
February data show Minneapolis inventory growing at a slower pace than the national average, underscoring comparatively tighter local supply conditions.


Time‑series bar chart showing Minneapolis active listings by year since 2018, illustrating an overall increase since 2023.
Inventory in Minneapolis have trended upward in recent periods, reaching 10,149 in February.


Area chart showing the annual percent change in Minneapolis active listings over time, with growth rates declining from prior highs.
After peaking earlier in the cycle, the annual growth rate of active listings in Minneapolis has moderated.


Bar chart showing February year‑over‑year percentage changes in active listings for Minneapolis across multiple years, with the most recent year showing an increase of 11.7%.
February data indicate a positive year‑over‑year increase in inventory in Minneapolis, continuing the market’s recent inventory expansion.


Horizontal bar chart comparing February inventory across major U.S. markets, with Minneapolis shown at 10,149 active listings.
In February, Minneapolis ranks in the middle of major U.S. markets for active listings, reflecting more balanced inventory levels than many larger Sun Belt metros.


Horizontal bar chart showing the annual percentage change in February inventory by market, with Minneapolis recording an increase of approximately 11.5%.
Minneapolis posted a solid year‑over‑year increase in February inventory, placing it among markets experiencing meaningful inventory expansion.


Data point boxes showing current active listings in Minneapolis by property type, with detached homes at 8,243 listings, attached homes at 977 listings, and condos at 929 listings.
As of February, detached homes account for the majority of active listings in Minneapolis, with attached and condo inventory remaining comparatively limited.


Bar charts showing Minneapolis active listings and annual percentage change by property type, with detached homes showing the largest inventory level and strongest growth rate.
Recent growth in Minneapolis active listings is being driven primarily by detached homes, while attached and condo inventory has grown more modestly.


Minneapolis Home Sales

Minneapolis recorded 1,200 home sales in February, a 10.3% year-over-year decline, with roughly 250 fewer closings than last February.

Minneapolis sales volume remains below pre-pandemic levels

Minneapolis home sales totaled 2,168 in February, down 10.3% from a year earlier, marking the second-consecutive February decline in home sales. Home sales were up compared to the prior month, however, signaling a typical seasonal rebound.

Minneapolis ranks among the top 20 US markets in terms of home sales

Minneapolis ranked 17th in terms of home sales in February. In terms of annual percentage change in home sales, 33 of the 40 largest markets in the country experienced declines, with Minneapolis ranking 35th.

Home sales decline across property types

Detached home sales decreased by 9.6%, while condo sales fell by 6.2%. Townhomes experienced the sharpest contraction, and sales declined by 18.9%. The pullback in the typically more affordable condo and townhome segments suggested that weak demand is broad-based.


Data point boxes summarizing Minneapolis home sales indicators, including total sales, annual percent change, and national ranking compared with U.S. averages.
Overall home sales declined year over year in February, with Minneapolis underperforming the national trend and ranking in the lower half of major markets.


Time-series bar chart of monthly Minneapolis home sales over multiple years, highlighting recent sales volumes that are lower than earlier periods.
While seasonal patterns persist, recent months show sales levels tracking below prior-year totals.


Area chart depicting annual percent change in Minneapolis home sales over time, with February data showing a year-over-year decline.
The most recent annual comparison shows home sales firmly in negative territory, following several months of weakening momentum.


Bar chart illustrating the year-over-year percentage change in Minneapolis home sales for February, showing a clear negative decline.
February sales in Minneapolis declined notably from last year, reinforcing the broader cooling trend seen in recent months.


Horizontal bar chart ranking major U.S. markets by February home sales, with Minneapolis positioned near the middle relative to higher-volume markets such as Dallas–Fort Worth and Houston.
Compared with peer markets, Minneapolis posted moderate February sales volume, placing it in the middle of the national distribution.


Horizontal bar chart showing year-over-year percent change in February home sales across U.S. markets, where Minneapolis appears with a larger negative change compared to many peers.
Most major markets experienced year-over-year declines in February, with Minneapolis posting a double-digit decrease that was steeper than the national average.


Data point boxes showing February home sales in Minneapolis by property type, showing detached homes with the highest number of sales, followed by significantly fewer attached and condo sales.
February sales activity was concentrated in detached homes, while attached and condo transactions remained comparatively limited.


Bar chart showing year-over-year percent change in Minneapolis home sales by property type, with detached, attached, and condo sales all declining, led by a larger decrease in attached home transactions.
In the most recent period, all property types recorded year-over-year declines, with attached homes experiencing the sharpest drop in sales.


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 transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Minneapolis during February 2026.

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.

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.

Definition of Inventory

Inventory is the number of unique active listings that were for sale 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.

Definition of Home Sales

The total number of closed home sales on the MLS during the 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.

 

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.

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