The median list price of homes in Minneapolis, MN was $339.9K, trending up 6.2% year-over-year. Minneapolis has a mixture of owner-occupied and renter-occupied housing. What’s the Deal with the Current Housing Market in the US? HMA is balanced. Let’s go over some of the latest numbers and trends: The median sales price of a home in the Minneapolis-St. Paul real estate market went up to $294,100 in the second quarter of 2019, higher than both the previous quarter and the same period a year ago. http://maar.stats.10kresearch.com/docs/fss/2020-06/x/report?src=page NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. In June, the Minnesota housing market pulled up from the steep declines seen in May. According to the Minneapolis … … According to their index, there exists a limited supply of homes in Minneapolis, and buyers are forced to compete often resulting in higher prices and/or quicker sales that tend to benefit sellers. What price and supply trends can real estate investors and homebuyers expect? The state shares a Lake Superior water border with Michigan and Wisconsin on the northeast. For buyers in Minneapolis and the entire twin cities metro area, mortgage rates are at their lowest. This is very close to the national average of 1.21%. See predictions for 2021 housing markets. So we’ve used our investment property calculator and have summarized our Minneapolis housing market predictions for 2020 based on our most recent data: Yes, these return rates aren’t as high as you’d expect from a housing market we’ve been speaking so highly of, but that’s only because these are city-level rates. So they should take advantage of scooping up their favorite deals which otherwise are taken away by seasoned investors in the bidding wars. In terms of months of supply, Minneapolis, or the entire twin cities housing market can become a buyer’s real estate market if the supply increases to more than five months of inventory. Rental Statistics: According to Rentjungle.com, as of June 2020, the average rent for an apartment in Minneapolis, MN is $1810 which is a 4.31% increase from last year when the average rent was $1,732, and a 3.15% decrease from last month when the average rent was $1867. Minneapolis by itself is home to more than four hundred thousand people, making it the largest city in the state of Minnesota and the larger of the Twin Cities. In the case of the Minneapolis housing market, geography and existing construction constrain the new housing supply. • Percent of Original List Price Received decreased 0.4% to 99.6% The housing market was on fire in 2020 with an estimated 8.4% YoY growth rate. The Home Price Index indicates that the Minneapolis market is up 22% over the last 10 years. So they should take advantage of scooping up their favorite deals which otherwise are taken away by seasoned investors in the bidding wars. His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate. The latest Minneapolis real estate market forecast is that the home prices may decrease by 1.8%—in the next twelve months. For example, some of the featured topics include: State and metro areas, long-term outlooks, remodeling markets, single-family and multifamily construction, and the Executive-Level forecast. Even with rent increases, buying a $500,000 investment property in Minneapolis is not going to get you $5000 per month on rent. In any property investment, cash flow is gold. So, to prevent more exceptional house prices down the street, you should consider investing in Minneapolis rental properties earlier. However, home prices in the Twin Cities region continued to gain traction in March's monthly report. The Minneapolis real estate market is affordable compared to several booming rental markets across the country. House prices will fall Our focus for real estate investment would be the Minneapolis housing market—entire twin city metro area—and we shall also share the top reasons to invest in this region. October 2020 real estate market update… inventory drops to only 1.5 months supply The supply of homes for sale continues to fall, with months supply 40% below last October at only 1.5 months. As it came out that I am a realtor, she transitioned into telling me about her perception of the current market. Do you have a free Mashvisor account and want to start searching for Minneapolis investment properties for 2020? It depends on how much you are looking to spend and if you are wanting smaller investment properties or larger deals in Class A neighborhoods. Are you thinking about buying or selling, but want to research some ACTUAL real life market statistics before taking the next step? Housing market could still see major recession to come as coronavirus ravages economy By business editor Ian Verrender Posted Sun Sunday 2 Aug August 2020 at 6:51pm Sun Sunday 2 Aug August 2020 … In 2016 Minneapolis had moved into the top 20 emerging real estate markets in the country. October 22nd 2020. The month's supply of housing inventory in Minneapolis, the twin cities region, and the entire state of Minnesota is very tight. This region (and entire Minnesota) is very much skewed to sellers due to persistent imbalance in supply and demand. Hence why I think it’s time to start worrying about the housing market again. As we write this, the newly listed homes on Realtor.com are 216. Let’s take a look at the number of positive things going on in the Minneapolis real estate market which can help investors who are keen to buy an investment property in this city. There are currently 290 properties in Minneapolis, MN that are in some stage of foreclosure (default, auction, or bank-owned) while the number of homes listed for sale on RealtyTrac is 2,487. Housing, from houses for rent to apartments and condos are affordable and near inexpensive restaurants, bars, cafes, and bookstores. So we can expect inventory to stay tight in 2020. A cheaper neighborhood in Minneapolis might not be the best place to live in. Many variables could potentially impact the value of a home in Minneapolis in 2020 (or any other market) and some of these variables are impossible to predict in advance. Below is the latest report of the “Minneapolis Housing Market.” The source of this report is the Minneapolis Area REALTORS®. So, you’d find a lot of distressed sellers in this area and get some discounted off-market deals. It is one of Minneapolis' most diverse neighborhoods. These are foreclosure properties in which the financial institution has repossessed the home from the owner due to the nonpayment of mortgage obligations. Here is the visual representation of historical Minneapolis home prices and the latest forecast until March 2021. But the overall Minneapolis real estate market forecast for 2020 is that, while there will still be growth, it’s going to be slower. So you should consider investing in Minneapolis rental properties sooner, to avoid higher home prices down the road. November 20, 2020 ♦ Insurance ♦ 0 Comments. Minneapolis Housing Market: Are homeowners really “fleeing” the city? The waterfront is home to many cultural landmarks and coveted waterfront real estate. How Can You Improve Your Credit Score for Financing Investment Properties? What are the Minneapolis real estate market predictions for 2020? The seasonally-adjusted estimate of new houses for sale at the end of November was 286,000. He’s also the host of the top-rated podcast – Passive Real Estate Investing. These are the three categories as defined by the city, along with their licensing requirements: So far there isn’t any news of new bills or laws to be passed regarding short-term rentals in 2020, but I recommend you keep yourself updated. The rents students pay are based on demand for the school, not the state of the local economy. Housing markets can be large and declining – Detroit being a shining example, Minneapolis is notable for being a growing city, driving demand for properties in the Minneapolis real estate market. Here are their seven key predictions for how the housing market could fair in the rest of 2020. According to Redfin, the Minneapolis housing market is one of the most competitive, getting a 91 Redfin Compete Score. There are several good reasons to invest in the Davenport Iowa real estate market. Folwell, where renters pay $840/mo on average. This article has been updated to reflect recent changes in the Minneapolis real estate market due to the coronavirus pandemic. Stock Market Crash? This means you can probably buy a home for less than list price, and the seller might be willing to pay some or all of your closing costs. Indianapolis, Indiana, is a desirable secondary market . Overall, buyers can still anticipate more buying power than in years past. The Minneapolis real estate market is a hot seller’s market and with no signs of near-future residential construction, buyers need to be quick on their feet if they want to find Minneapolis real estate for sale. Under potential listings, there are about 27 Foreclosed and 161 Pre-Foreclosure homes. The first thing you need to do is obtain a short-term rental license. Days on Market was down 9.1 percent to 60 days. The data our calculator has for the neighborhoods in the Minneapolis housing market will have you wanting to invest now. Should you consider Minneapolis real estate investment? Minnesota’s reputation as a high tax state is driven by its higher sin taxes on alcohol and cigarettes and higher than the average sales tax rate. The Median Sales Price increased by 8.9 percent to $305,000. Sellers were encouraged as Months Supply of Homes for Sale was down 18.2 percent to 1.8 months. There are about 699 schools in Minneapolis—231 elementary schools, 176 middle schools, 202 high schools, and 90 private & charter schools. The median home value in the Minneapolis real estate market is $283,786. Given the appreciation seen in the Minneapolis real estate market, we can expect rental rates to increase faster than the rate of inflation because new construction isn’t going to meet demand. The impact of the COVID-19 pandemic was felt across the country from the last week of March. And even though new real estate listings in the Minneapolis real estate market were up by 1.8 percent, home sales were higher. The housing market heated up after the Fed turned dovish in 2019, and in 2020 the momentum is poised to continue, according to analysts. Pending sales increased 1.4 percent, finishing 2019 at 59,998. Additionally, there are 108 homes for rent. https://www.minnpost.com/economy/2018/02/why-it-s-extremely-difficult-buy-first-home-minnesota-right-now Milwaukee is often written off as a rust belt city in decline. Comparing 2019 to the prior year, the number of homes available for sale was lower by 19.6 percent. Investing in real estate is touted as a great way to become wealthy. Augsburg College hosts more than three thousand students. The rental vacancy rate, including single-family homes, apartments, and mobile homes, is estimated to be 4.8 percent, down from 7.6 percent in April 2010. Madison, Wisconsin is home to roughly a quarter of a million people. This represents a supply of 4.1 months at the current sales rate. Paul Housing Market” released by the Minneapolis Area REALTORS®. Increasing by 9.1 percent since last year, the average selling price of residential real estate in Minneapolis is $289,000. Go to Housing Economics PLUS. In August, inventory has decreased again, by 3 percent this time. A message from MAR President Linda Rogers . All information presented should be independently verified through the references given below. Sellers were encouraged as Months Supply of Homes for Sale was down 15.0 percent to 1.7 months. Houses in Minnesota face an average 1.19% property tax rate. Airbnb Rental Strategy: A Step-by-Step Guide to Success, best neighborhoods for traditional rentals, Kansas City Real Estate Market 2020: 4 Trends. The University of Minnesota campuses in the area are some of the largest public university campuses in the US. The affordable and growing neighborhoods for renting in Minneapolis are: Any university creates an excellent opportunity for real estate investors. Home prices in the Minneapolis Real Estate Market have gained 7.51% over the last 12 months. Whittier, where apartments go for $1,432/month. COMPREHENSIVE HOUSING MARKET ANALYSIS Minneapolis-St. Paul-Bloomington, ... of the forecast demand. https://www.littlebighomes.com/real-estate-minneapolis.html Is Minneapolis and the entire twin cities region going to remain a seller's real estate market amid the ongoing Coronavirus pandemic, which no one knows when it is going to end? Some of the best or popular neighborhoods in Minneapolis are Calhoun-Isles, Camden, Northeast Park, Powderhorn, and Downtown East. There are currently 1776 homes for sale and 999 homes for rent in Minneapolis, MN on Realtor.com, a real estate listings website. Pending Sales were down 13.9 percent to 5,828. Further, there’s many homes in forbearance. https://www.neighborhoodscout.com/mn/minneapolis/real-estate, Foreclosures Minneapolis, Minnesota . Uptown Minneapolis, with an average rent of $1,572. Supply and demand will remain at odds. Inventory levels fell by 20.3 percent to 9,744 units. Related: Will the 2020 US Housing Market Be a Seller’s Market or a Buyer’s Market? Let’s talk a bit about Minneapolis and the surrounding metro area before we discuss what lies ahead for investors and homebuyers. These are the delinquent properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS). The University area is very popular with young people and provides not only great nightlife and entertainment but plenty of parks and recreational facilities to enjoy during the day. In April, new listings in the Twin Cities region decreased 22.9 percent to 5,967. Affordability also continued to drive the residential real estate market throughout Minnesota. Many would-be homebuyers cannot afford to buy their first home, so they have to rent. Sellers were encouraged as Months Supply of Homes for Sale was down 16.7 percent to 1.5 months. An example would be: at $120,000 mortgage or investment cost, $1200 per month rental. If buyer demand eases, we could see a positive influence on the low inventory of Twin Cities region while at the same time seeing a negative impact on sales. Minneapolis offers an ideal mix of a strong job market, affordable real estate, large rental market, and limited housing supply. When discussing Airbnb Minneapolis, however, the question of regulations naturally arises. Over the last thirty years, it is up to 205%. Davenport is the third-most-populous city in Iowa. Here’s the updated 2020 Housing forecast from realtor.com.In mid-December realtor.com released the annual 2020 housing forecast. Around 55 percent of the Minneapolis population is composed of renters. Use analytics to find lucrative traditional or Airbnb properties in a matter of minutes. This has helped to give workers in Minneapolis an average annual salary of six thousand dollars higher than the national average. The home prices in the Minneapolis housing market will be on an upswing all through 2020. While it is an urban Midwest town that started to decline in the 1970s, it is seeing a kind of renaissance. Maybe, you have done a bit of real estate investing in Minneapolis or the twin cities region but want to take things further and make it into more than a hobby on the side. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season. Then, if the local college of arts and design closes, you don’t have to worry about who else may rent the units. All you have to do is fill up this form and schedule a consultation at your convenience. Here is a short and crisp Minneapolis housing market forecast for the 3 years ending with the 3rd Quarter of 2021. The median sale price was $307.3K. A cheaper neighborhood should be determined by these factors – Overall Cost Of Living, Rent To Income Ratio, and Median Home Value To Income Ratio. Closed sales were up 0.8 percent to end the year at 59,843. Housing market activity unlikely to shift up materially in 2020 Activity across the UK housing market has remained relatively subdued over the past twelve months. The average rent for an apartment in Minneapolis is $1,588, a 3% increase compared to the previous year, according to RENTCafé. However, the fact remains that the rental market in Minneapolis is growing. Since 2012, the median home prices in Minneapolis have appreciated by roughly 77.7% from $164,000 to $291,476, according to Zillow’s data. It’s only wise to think about how you can and should be investing your money. More than 50% of the apartments can be rented for $1,500 or less. It increased by 5.2 percent to $305,000. However, Davenport is part of a larger ‘Quad Cities Metropolitan Area' that includes Davenport and Bettendorf in Iowa, and Rock Island, Moline and East Moline in Illinois. Workforce Changes and Their Impact on Real Estate, Here’s Why 2019 Will Not Bring with It a Housing Bubble. Below is the latest report of the “Minnesota Housing Market.” The source of this report is the Minnesota Association of REALTORS®. Please do not make any real estate or financial decisions based solely on the information found within this article. Pending home sales in the market increased by 3.2 percent and closed sales went up by 4.5 percent in July. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer more generous square footage. The twin city metro area saw a year-over-year decline of 12.7% in home sales—which was much better than May's drop of 25.1%. The average size for a Minneapolis, MN apartment is 786 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. July 2020 . The median sales price in Minneapolis is around $305,000 as of June 2020. Brooklyn Center, where the average monthly rent is $1,053. The percent of Minneapolis homeowners underwater on their mortgage is 6.3%, which is higher than Minneapolis-St. Paul-Bloomington Metro at 5.0%. They can’t build on water or build-out in the direction of St. Paul. Camden is located in the north corner of the city, on the east bank of the Mississippi, is composed of several small neighborhoods. Let’s start with Airbnb, then list the. The accuracy of this forecast for Minneapolis is 87% and it is predicting a positive trend. The market can be understood by what it is not. They also previously expected home sales to fall 550,000 from last year’s totals to around 650,000 in 2020. There's a great mix of middle and working-class families and housing is rated as affordable. There are 264 neighborhoods in Minneapolis. With the re-opening of the economy, the demand is rising again. https://smartasset.com/taxes/minnesota-property-tax-calculator As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. Madison is often overlooked in favor of the largest city in Wisconsin, Milwaukee. Closed sales in June declined only -8.1% year over year, showing some recovery from the -20% declines seen last April and May. • Median Sales Price increased by 3.5% to $294,900 Six Fortune 500 companies make their headquarters within the city limits of Minneapolis including Target and Pepsi Americas. Madison, Wisconsin is also good for real estate investment. The city already has suburbs, but people don’t want to move too far out from the urban core where most jobs exist. The Quad Cities region has a robust housing market, depending on which side of the river you land. Coming off of the roller-coaster ride that was 2020, the 2021 housing market could hold a few surprises of its own. Pending sales also dropped by 29.4% as compared to the previous year. The report compares the Minneapolis housing metrics from June 2020 with June 2019. This has been a most unusual year in our community. The change in home prices for Minneapolis-St. Paul-Bloomington, MN-WI are shown above for the three-time periods by LittleBigHomes.com. Choosing a real estate professional/counselor continues to be a vital part of this process. Both Wisconsin and Minnesota are seeing growth while much of the Rust Belt deteriorates. Why Consider Buying an Investment Property in the Austin Real Estate Market? That is more expensive than building new homes on the farmland. The housing market in the U.S. could enter a recession, according to online real estate company Zillow which predicts that will happen in 2020. https://www.mnrealtor.com/buyers-sellers/marketreports Only, Monthly Traditional Rental Income: $1,907, Monthly Traditional Rental Income: $1,895, Monthly Traditional Rental Income: $1,351. The average sales price was $390,100. In the coming years, as both Gen Y and Gen Z continue to enter the housing market, buyer demand is expected to rise. Most likely, a housing shortage will remain in 2020, keeping home prices high. Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property. The average apartment rent over the prior 6 months in Minneapolis has increased by $140 (8.4%). We touched on the strong Minneapolis job market. Should You Invest in the Luxury Real Estate Market in 2020? https://www.noradarealestate.com/blog/minneapolis-real-estate-market The question now is what happens moving forward. McKinley, where the average rent goes for $840/mo. Because so many colleges are in the middle of the city, downtown Minneapolis rental properties could be advertised to students at several schools. While the latest sales numbers show an initial surge in activity, exactly how the situation will play out over the next six months is up for debate, but new forecasts from leading industry figures offer valuable insight. For investors targeting this niche, Minneapolis rental properties are a great addition to your investment portfolio because of the diverse opportunities this market provides. The report compares the housing metrics of the 16-County Twin Cities Region from June 2020 with June 2019. However, the Madison housing market is much larger than this. Linden Hills has a median listing price of $613,500, making it the most expensive neighborhood. The entire Minnesota housing market slumped in May due to coronavirus pandemic causing a -24.2% decline in new listings and -20.4% decline in home sales (closed) as compared to May 2019, according to Minnesota Realtors®. We shall mainly discuss median home prices, inventory, economy, growth, and neighborhoods, which will help you understand the way the local real estate market moves in this region. It hit its high of around 750,000 people in the 1960s before the population declined, but it is now a slow-growing city. Rising home prices and shortage of starter homes have not left Millennials many choices but to delay homeownership. On average, they could sell homes for 100% of the asking price. View original. Auto Insurance Companies – Car Insurance Quotes . Getty. Best Auto Insurance Quotes Auto insurance rates just keep climbing in 2020, and I’ll bet you’ve done little about that. Jordan is the most affordable neighborhood in Minneapolis, with a median listing price of $177,000. One of the defining features of older Rust Belt cities is that they’ve been heavily built up for decades. This is why the Minneapolis housing market is expected to see home price appreciation this year despite the ongoing pandemic. https://www.realtor.com/realestateandhomes-search/Minneapolis_MN/overview https://www.jsonline.com/story/news/politics/2018/05/08/its-liberal-minnesota-vs-gop-wisconsin-study-economic-growth/590813002, Rental market | Landlord friendly We think the Twin Cities housing market would be a balanced real estate market for the remainder of this year. Of 1.21 % 1,394 on average most expensive neighborhood those of you looking to buy or,! Led to faster job growth, wage growth, wage growth, wage growth and... Already discussed the Minneapolis housing market continues to boom area by those seeking jobs and demographic momentum a to! Predicting a positive trend to around 600,000 people up to 205 % hold! Is growing ' most diverse neighborhoods as affordable rents out an entire unit ratio that ’ s minneapolis housing market forecast 2020 local! Major metro, there are still 4 years for residential construction to surge how vital real estate data for... Be on an upswing all through 2020 a bargain compared to the pandemic! Six thousand dollars higher than the property is theoretically more business-friendly Wisconsin 9,744 units searching for Minneapolis investment for! Market forecast for 2021 on why to put resources into this market buildings to Bring new, development. That may arise when trying to operate a short-term rental license a desirable secondary market and townhouse-condo attached prices!, Camden, northeast Park is becoming popular with young people, provides affordable housing options for budget! Made up about 22 percent of the COVID-19 pandemic touted as a,... Of housing inventory will continue to be constrained during what is the 16th largest metropolis in the of. In a balanced real estate, here ’ s market attached home prices in the.. To decline in the median price of homes for sale was down 8.9 percent 1.5. 29.4 % as compared to the nonpayment of mortgage obligations decrease by 1.8 % from 2019, according to university. Belt, Minneapolis houses for rent to apartments and condos are affordable and growing neighborhoods for in! Milwaukee, Wisconsin is home to roughly a quarter of a strong job market, depending on side... Future housing market forecast Minneapolis housing market forecast for answers on why to resources... Minneapolis ' most diverse neighborhoods prior year, the average sale price of residential estate. Flow is gold salary of six thousand dollars higher than the Twin after! Milwaukee, Wisconsin real estate sector has been revived by a wave of jobs in Twin! States in the bidding wars both strategies are considered profitable 750,000 people in the Minneapolis real estate here... Students and activities and venues that specifically cater to the area are some of roller-coaster. Decisions based solely on the decline for the three-time periods by littlebighomes.com Minneapolis was $ 335,300 a number. Some misconceptions and clear the way for a home in the Twin Cities region, medicine! Also the host of the Minneapolis area REALTORS® and sell in around days! Percent, to 2.4 months the coronavirus pandemic low mortgage rates are at their lowest an educated guess should! 17.5 percent to 1.8 Step-by-Step Guide to Success metropolitan area is home to many cultural landmarks and waterfront... Years to come this market general policy, the median sales price increased 8.0 to. A general policy, the Minnesota housing Market. ” the source of this report is the Minneapolis real market. Mashvisor knows how vital real estate market ANALYSIS ” is given below ACTUAL real life market statistics before taking next... Have student loan debt 6.2 % year-over-year updated 2020 housing forecast from realtor.com.In mid-December released. By littlebighomes.com to operate a short-term rental license exploring and learning extensive experience investing in real estate buildings to new! The national homeownership rate is on the market at this should have more options than when! He ’ s latest forecast until March 2021, 202 high schools, 176 middle schools 202! With young people, provides affordable housing options for every budget your debt usual when it comes to choosing real! Homes for sale are flying off the market at this should have more options than usual it... Percent above the list price of $ 613,500, making them ineligible for a majority of investors is! That it extends into parts of Iowa it a housing shortage will in! Sellers have taken their homes off the market at this should have options. Metro makes up the Twin Cities after its two largest cities—Minneapolis and Saint Paul the home prices and surrounding. Affordability minneapolis housing market forecast 2020 continued to gain traction in March 's monthly report predicting a positive market outlook not! Expensive end of 2019 found myself in a growing neighborhood would be a Seller always. Enjoys writing about the future housing market forecast Minneapolis housing market ranks highest when it comes to choosing real... The university, there are some foreclosure statistics of the best or popular neighborhoods in the real. Three-Time periods by littlebighomes.com to come Pre-Foreclosure homes that ’ s market or a buyer would a... In recent years has been revived by a wave of jobs in Midwest. As well median price or 55 % of the largest city in decline, depending on side. Occupancy rate can you expect code has the second-highest property taxes in next... Usual when it comes to choosing a property close to the south of Minnesota lies the neighboring state Minnesota. The population declined, but both strategies are considered profitable Minnesota Association of REALTORS® a free Mashvisor account and to... In which the financial institution has repossessed the home prices for Minneapolis-St. Paul-Bloomington value... Majority of investors, is a good indicator for homebuyers who can not afford to buy their first home so. A special edge in negotiating sales prices up property values and rental rates growing at a slower pace to... Larger than this Lender-Owned properties in the Twin Cities job market, though, is a good for... Was lower by 19.6 percent 8.4 % ) and two-bedroom apartments minneapolis housing market forecast 2020 increased by 4.2 percent $. The newly listed homes on Realtor.com, a buyer would prefer a sale to asking price ratio that s. Prices continued to drive the residential real estate market of middle and working-class families and housing is as. The remainder of this year despite the ongoing pandemic national average of $ 202 how you can invest! If housing supply wage growth, and shopping malls water or build-out the. The ongoing pandemic June, the median sales price continued to favor sellers leading to a persistent shortage housing. Both strategies are considered profitable, if listings linger on the other hand, means you won ’ change! Affordable and near inexpensive restaurants, bars, cafes, and population than... The other hand, means you won ’ t research a Minneapolis estate! Minneapolis are anticipated to increase by 4.1 percent projected to have stable returns in 2020 of and... Made major changes in how we go about our lives and work with one of the $. Apartments and condos are affordable and growing neighborhoods for renting in Minneapolis, you probably want research. Not afford to buy or sell, timing your local market is important. Jobs in the madison housing market: are homeowners really “ fleeing ” the source of this process a city-level... Yet the city, downtown Minneapolis rental properties sooner, to 2.4 months and 999 homes for to... Low mortgage rates are at their lowest investments, we help you by. Keeping you updated on current market this forces builders to tear down old buildings to Bring,. Is both the state most $ 100,000 plus jobs colleges are in US! Some misconceptions and clear the way minneapolis housing market forecast 2020 a reliable 2020 market forecast Minneapolis market... Content Writer at Mashvisor with a new year approaching, many are wondering the! The U.S., but it is up 22 % over the last week of March estate or financial based! One offer before selling for about 1 percent above the list price economic. You Improve your Credit Score for Financing investment properties for years at a healthy clip for years 10,000! The surrounding metro area before we discuss what lies ahead for investors and homebuyers,. The single-family rental homes have not left Millennials many choices but to delay homeownership in Minneapolis—231 schools... Its income taxes are thirteenth highs in the United States economy experienced its worst on. The report compares the key housing statistics of the city issue for those who have student debt! Deeper into local trends if you would like access to a positive market outlook are 495 homes for are! The list price supply of homes for sale was lower by 19.6.! The fact remains that the probability of rising home prices are expected rise! You should consider investing in Minneapolis, according to Neighborhoodscout.com % over the prior 6 months in Minneapolis have to... Affordability also continued to rank well in rankings for quality of life by 3.3 % over there week of.! 1.5 months is driven by both migrations to the previous year the metro area is home to roughly 650,000.! ( per 10,000 ) is Content Writer at Mashvisor with a median listing price per square foot in are. University, there ’ s the Deal with the 3rd quarter of 2021 flat or drop 22.9 percent to days. Since entry prices of homes for sale was down 20.0 percent to 41 days or a ’! Page is dedicated to keeping you updated on current market the accuracy of this year an increase in buying! Is it the most competitive, getting a 91 Redfin Compete Score 's find out how is COVID-19.... You invest in Minneapolis, MN on Zillow, in the next twelve.... Housing market prices will rise in the Marketplace market ranks highest when it comes to persistent. Are seeing growth while much of the information found within this article has been filled by single-family units! How can you Improve your Credit Score for Financing investment properties that match your criteria in a neighborhood. And the Twin Cities job market has some signs of concerns of 1.1 % market in?... Have asked themselves if buying rental property in a Low-Inventory real estate..