Minneapolis' Housing Market Has Completely Fractured
About this video
The Minneapolis housing market has split into two completely different markets. While suburban homes in places like Edina, Eden Prairie, Minnetonka, Chanhassen, Maple Grove, Woodbury, and Lakeville continue to attract strong buyer demand, downtown Minneapolis condos are facing slower sales, rising HOA costs, and greater negotiating power for buyers. In this video, we explain what's driving the divide, how the Minneapolis 2040 Plan has changed the market, and what buyers and sellers should do in 2026.
Key takeaways
- The Minneapolis market split in two in 2026. Prices were up about 6% from a year earlier, with homes selling in about 30 days, yet closed sales in the city fell 15.7% in early 2026.
- Well-priced suburban homes kept moving fast: Eden Prairie homes drew around six offers and sold in under 30 days, and Chanhassen homes sold in about 17 days. Woodbury, Maple Grove and Lakeville were also competitive.
- Downtown Minneapolis was the soft spot. In Loring Park, North Loop, Mill District, Elliot Park, Downtown West and Marcy-Holmes, homes took about four months to sell in early 2026, closed sales fell almost 18%, and sellers took about 5.7% below asking on average.
- Condo association fees, from under $300 to $1,000 a month or more, can make a downtown condo cost as much each month as a suburban house.
- Suburban buyers: be fully underwritten, not just pre-qualified, and ready to move. Downtown buyers: negotiate for rate buydowns, closing costs and price, and review the association's reserves, insurance and special assessments first.
- Sellers everywhere: price right from day one. The first 14 days on the market get the most attention, and 2022 prices are no guide anymore.
Questions this video answers
Is it a buyer's or seller's market in Minneapolis?
Both, depending on where. Well-priced suburban homes in places like Eden Prairie and Chanhassen were still selling quickly with multiple offers, while downtown Minneapolis condos took months and sold below asking in early 2026.
What should I check before buying a condo?
The association's financials: reserves, insurance costs, past and planned special assessments, and the monthly fee. Low reserves in an older building are a warning sign for big assessments later.
Read more: Eden Prairie vs. Edina · North Loop · Minneapolis market report
Notes written by Huerkamp Home Group from this video. Figures are as stated in the video on July 7, 2026; check the current numbers in our market reports.
