Zillow Houses For Sale Mn (2024)

FAQs

What is the average home cost in Minnesota? ›

$340,688. The average Minnesota home value is $340,688, up 1.9% over the past year and goes to pending in around 15 days.

Construction costs in Minnesota are higher than in any neighboring state, and our median new home price is $100,000 higher than the national average and $124,000 higher than in Wisconsin. No wonder our state has one of the widest homeownership equity gaps in the nation.

Minneapolis has a diversified and dynamic housing market. As of the first quarter of 2024, the median home price in Minneapolis hovered around the $299,500 mark, with a subtle year-over-year change.

In the most expensive place to live in Minnesota, real estate reaches well above the $1 million mark. According to a list compiled by Family Handyman, the most expensive place to live in Minnesota is Minneapolis. This specific neighborhood's zip code is 55403. Houses in this neighborhood cost an average of $1,008,100.

A single person in the Twin Cities metro area needs to earn $47,442 a year — about $22 an hour — to afford the basics: food, housing, health care, transportation and a cell phone. For a family of four, the parents need to earn at least $119,229 a year — or about $28 an hour each.

#1: St. Cloud. With a median home sale price of $250,000, St. Cloud comes in at number one on our list of most affordable places to live in Minnesota.

Minnesota Real Estate Market Statistics

In 2024, experts predict the median sale price will increase due to the tight inventory. Currently, the sale-to-list price ratio is at 98.3%, with an increase of 0.2 pt YoY compared to January 2023. Home Sales: As per January 2024 data, home sales increased by 8.4% YoY!

Late summer and early fall may give you the best of both worlds with a combination of good selection with less competition and slightly lower prices.

The median salary in Minneapolis, MN is $65,250, with 80% of salaries falling between $32,120 and $136,881. Salaries in Minneapolis, MN are generally above the national average.

Where will house prices fall the most? ›

Minneapolis rent growth in 2024 pacing above last year

Six months into the year, rents in Minneapolis have risen 3.2%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to June 2023 rents had increased 1.7%.

If you are looking for a mortgage with a low down payment or no down payment, here are some options to consider: a USDA loan, a VA loan, the down payment assistance program offered by Minnesota Housing, city and county down payment assistance programs, and Twin Cities Habitat's TruePath Mortgage.

Here are some general FHA loan requirements for Minnesota. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.

It costs about $118 per square foot to build a house in Minnesota. So, you would have to spend $236,000 to build a 2,000-square-foot home in Minnesota. These costs will vary depending on location, property type, labor expenses, material costs, etc.

Home prices haven't fallen in the Twin Cities since 2011. Zillow predicts that streak is going to end this year. What they're saying: The real estate platform says the Twin Cities will be one of the five coolest housing markets in 2024 and that prices will fall by 3% this year.

The following data are the most current income statistics for Minnesota from the US Census Bureau, are in 2022 inflation adjusted dollars and are from the American Community Survey 2022 5-year estimates. Median Household Income: $84,313. Average Household Income: $111,341. Per Capita Income: $44,947.