Minneapolis home prices saw the steepest April decline in 15 years
With wage growth lagging inflation in a contracting labor market, inventory levels surged, and the Minneapolis median home sale price slipped 2.2% year over year to $390,950 in April. That marked the largest annual pricing decline in any April since 2011, leaving Minneapolis trailing all Midwest peers in annual price growth.
Minneapolis home sales fall amid persisting job losses
Home closings in the Minneapolis metro totaled 3,804 in April, 119 fewer than a year earlier, and the fourth consecutive April below 4,000 sales. The decline in sales came amid four consecutive months of year-over-year employment losses, driving the Twin Cities' unemployment rate near a five-year high. Meanwhile, demand shifted decisively to the suburbs, aligning with population growth trends, with Lakeville, Woodbury, Maple Grove, and Plymouth posting the most closings in April.
Twin Cities active listings rise to the highest April level in five years
Active listings climbed 16.1% to 13,560, the eighth-largest nominal year-over-year gain among the top 40 U.S. markets. Townhome inventory ballooned 58%, nearly seven times the single-family pace, as builders pushed out attached product unlocked by Minneapolis' 2040 zoning reforms. New listings rose 16.2% to 6,823, months of supply rose to 3.6 from 3.1 a year earlier, and days on market edged up to 49, still under the U.S. average of 60.
Minneapolis ranks 36th of the top 40 US markets for annual price growth
At $390,950, the Minneapolis median sat just $950 above the U.S. median, the narrowest national premium the market has held in any April since 2012. Every major Midwest peer posted year-over-year gains in April, with Cleveland, Kansas City, Chicago, and Columbus all up 5% or more. Minneapolis, instead, was the only major Midwest metro to post annual pricing losses, joining fast-growing Sun Belt regions like Austin, San Antonio, and Miami on the year-over-year decline list.
Minneapolis Sale Prices
The median home sale price in Minneapolis decreased by 2.2% compared to the same time last year, while the national median price rose by 1.7%.
Minneapolis ranks 36th for annual median price change among the top 40 US markets
Minneapolis median home prices decreased by $8,950 year over year on a nominal basis in April to $390,950. Meanwhile, the national median home price increased by $6,500 to $390,000.
Minneapolis' median home price is above the nation's
Minneapolis was the 26th highest-priced housing market among the top 40 largest markets last month. The Minneapolis median home price of $390,950 was 0.2% above the national median home price. Minneapolis' median home price in April compares to the market's peak of $402,025 recorded in June of 2025.
Minneapolis single-family prices decrease
The median price of Minneapolis single-family homes fell $4,700 over the past year to $430,000, while the median townhome price grew 0.3%, and the median condo price fell 3.1%.
Minneapolis Inventory
The number of active listings in Minneapolis increased by 16.1% in April compared to the same time last year, while national active listings rose by 6.3%.
Minneapolis' inventory of homes for sale increases
Minneapolis active listings rose by 1,884 year over year in April to 13,560 active listings. Minneapolis ranked 11th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in April.
Minneapolis active listings are below their pre-pandemic levels
Minneapolis active listings were below their pre-pandemic levels in the month of April. Minneapolis active listings were 15.6% below the April 2019 total of 16,060.
Minneapolis single-family inventory grows
Minneapolis single-family active listings grew by 8.5% to 9,754 in April. In comparison, townhome active listings rose by 58.0% to 2,876, and condo active listings increased by 7.1% to 930.
Minneapolis Home Sales
The number of home sales in Minneapolis decreased by 3.0% in April compared to the same time last year, while national home sales rose by 0.6%.
Minneapolis home sales decrease
Minneapolis home sales declined by 119 year over year on a nominal basis in April to 3,804. For context, 3,923 sales closed in Minneapolis in April 2025.
Minneapolis' annual home sales activity change ranks 29th nationally
Minneapolis ranked 29th for the annual change in home sales out of the top 40 U.S. markets in April on a percentage basis. This year's April decrease of 3.0% compares to the 1.3% year over year increase in April 2025.
Single-family sales in Minneapolis are lower than a year ago
Minneapolis single-family sales decreased by 5.4% in April to 2,908. In comparison, townhome sales rose by 7.2% to 729, and condo sales fell by 1.2% to 167.
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 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 April 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.