Something Doesn't Add Up In The Minneapolis Housing Market

Jason Huerkamp · Living in MinneapolisOctober 2, 202616:202.0K views

About this video

Something doesn’t add up in the Minneapolis housing market. The Twin Cities is being called a buyer’s market, yet Minneapolis homes can still attract multiple offers and sell above asking. Here’s what the numbers actually show and why condos, single-family homes, buyers, and sellers are experiencing very different markets.

Key takeaways

Redfin called the Twin Cities metro a buyer's market (about 18% more sellers than buyers in August) while rating Minneapolis itself "very competitive" (79 out of 100). Both can be true because they measure different things.
Nationally, about 46% of home sales in May included a seller concession, a record for that month in Redfin's data, and sellers outnumbered buyers by about 58% in August.
In Minneapolis, the average home got about three offers, sold in about 23 days and at about 100.3% of list price, and about 4 in 10 sold over asking. About 32% of listings had a price cut, up about three points from a year earlier.
The split is by home type: detached single-family homes in demand stay competitive, while condos, especially downtown, are soft. Central Minneapolis scored 39 of 100, with about one offer and around 75 days to sell, at about 3% below asking.
The pricing mistake behind most stale listings: pricing from sales 90 to 180 days old. Price from current pending and active listings, and be wary of an agent who "buys the listing" with an unrealistic number.

Questions this video answers

Is Minneapolis a buyer's or seller's market?

Both, by segment. Redfin calls the Twin Cities metro a buyer's market, but detached homes in Minneapolis still sell in about 23 days at about list price, with about 4 in 10 over asking. Condos, especially downtown, are where buyers have the most leverage.

How should I price my home in a changing market?

Use current pending and active listings near you, not only sales from 3 to 6 months ago, which can be out of date. Pricing right at the start usually nets more than cutting later.

Notes written by Huerkamp Home Group from this video. Figures are as stated in the video on October 2, 2026; check the current numbers in our market reports.