Minnesota

Home prices in Minnesota and Minneapolis: median value

Median owner-occupied home value: $344,600 in Minnesota and $368,300 in Minneapolis (Census ACS 2024). FHFA: Minnesota prices up 2.5% in a year.

Checked on against the official sources listed at the bottom of the page.

In short

The median value of owner-occupied homes is $344,600 in Minnesota and $368,300 in the city of Minneapolis, against $360,600 nationwide (Census ACS 2024). On the FHFA index, Minnesota prices up 2.5% and Minneapolis–St. Paul–Bloomington prices up 2.3% from Q2 2025 to Q2 2026.

What it costs: median value in 2024

AreaMedian value, 2024Margin of error (90%)
United States$360,600±$618
Minnesota$344,600±$1,807
Minneapolis–St. Paul–Bloomington metro area (MN-WI)$384,300±$2,333
Hennepin County$396,100±$4,370
City of Minneapolis$368,300±$8,429

Source: Census ACS 2024, table B25077; owners’ own estimates, not sale prices.

Three points stand out:

  • The Minnesota median is $16,000 below the national median.
  • The city of Minneapolis sits $23,700 above the Minnesota median and $16,000 below the metro median. It is also $27,800 below Hennepin County, whose figure includes suburbs.
  • The margin of error for the city (±$8,429) is much wider than for the state because the sample is smaller. The true city median is very likely between about $359,900 and $376,700.

How prices have moved: the FHFA index

FHFA does not publish a separate index for Minneapolis alone; the closest series is the Minneapolis–St. Paul–Bloomington metro area (code 33460), which also includes counties in Wisconsin.

Area1-year change (Q2 2025 to Q2 2026)5-year change (Q2 2021 to Q2 2026)
United States+2.1%+33.4%
Minnesota+2.5%+24.7%
Minneapolis–St. Paul–Bloomington metro area+2.3%+20.5%

Source: FHFA HPI, purchase-only, Q2 2026 (release of August 25, 2026); changes by Payotte.

Minnesota prices rose slightly faster than the national index over the past year. Over five years, Minnesota gained about a quarter in value and the Twin Cities metro area about a fifth, both less than the nation’s 33.4%.

A worked example

Take a Twin Cities home worth $340,000 in the second quarter of 2021. Tracking the metro index exactly, it would have been worth about $409,700 in the second quarter of 2026 (+20.5%). Over the last year alone, it would have gained about $9,400 (+2.3%). A single home can differ widely from the index.

How to use these figures when buying

Closing costs come on top: our Minnesota closing costs guide covers who pays what, and buying a home in Minneapolis applies these numbers to the city. Also see the Minnesota first-time buyer programs, which set purchase-price limits you can compare with the medians above.

Method and dataset

ACS median value. ACS 1-Year 2024, table B25077. Geographies: United States (0100000US), Minnesota (0400000US27), Minneapolis–St. Paul–Bloomington, MN-WI metro area (310M700US33460), Hennepin County (0500000US27053), Minneapolis city (1600000US2743000). Read through the data.census.gov API on October 13, 2026.

FHFA index. FHFA HPI (purchase-only, seasonally adjusted), state series (Minnesota), metro series (metro code 33460) and U.S. series. Index values used: Minnesota 424.55 (Q2 2025), 348.97 (Q2 2021) and 435.22 (Q2 2026); Minneapolis–St. Paul–Bloomington 420.13, 356.85 and 429.97; United States 426.58, 326.58 and 435.69.

Frequently asked questions

What is the median home value in Minnesota?

Minnesota’s 2024 ACS median home value is $344,600 (±$1,807), against $360,600 for the nation: owners’ own estimates, not sale prices.

What is the median home value in Minneapolis?

For the city of Minneapolis, the 2024 ACS median value is $368,300 (±$8,429). Hennepin County is at $396,100 and the Minneapolis–St. Paul–Bloomington metro area at $384,300.

Are Minnesota home prices going up or down?

FHFA’s purchase-only index shows Minnesota prices rose 2.5% over the year to Q2 2026, and the Minneapolis–St. Paul–Bloomington area rose 2.3%. Over five years, they rose 24.7% and 20.5%.

How Minnesota compares with the other States

Minnesota's median of $344,600 is within 5% of the national $360,600 and ranks 23rd among the 50 States.

The States closest in median value are Georgia ($343,300) and Maine ($341,900). The range runs from $170,800 in West Virginia to $875,900 in Hawaii; Minnesota is $5,100 above the middle of that ranking (Wyoming).

On the FHFA index, Minnesota prices rose 2.5% over the year to the second quarter of 2026, which places the State 28th of 50, 0.4 points ahead of the national +2.1%. Over five years the gain is +24.7% (43rd of 50; nation +33.4%).

Minnesota sits in the middle of the pack on at least one of the two measures: 23rd for the level, 28th for the one-year change.

Over five years, Minnesota's +24.7% annualises to +4.5% a year (nation +5.9%). The latest year (+2.5%) is 2 points under that average, a slower pace than the five-year average.

Minneapolis, the main city, has a median of $368,300, 24th of the 49 main cities Payotte covers. That is 7% above the Minnesota median, a premium that ranks 29th of 49.

The one-year FHFA change runs from -1.2% in New Mexico to +8.3% in Alaska. Minnesota (+2.5%) is 5.8 points below the top and 3.7 above the bottom; South Carolina (+2.4%) and Alabama (+2.8%) are the nearest to it.

For scale, 20% of the Minnesota median is $68,920, against $72,120 at the national median.

Compare with the other states: Median home price by state.

More Minnesota guides

Sources

Minnesota · All states · Federal guides