In short
The median value of owner-occupied homes in Minneapolis is $368,300 (Census ACS 2024; owner estimates, not sale prices). The FHFA House Price Index shows Minnesota prices up 2.5% and Minneapolis–St. Paul–Bloomington prices up 2.3% between the second quarters of 2025 and 2026. On that price, Minnesota's state deed tax comes to $1,215.39, paid by the seller, before any county or city tax. Selling a main home you owned and lived in for 2 of the last 5 years, the first $250,000 of gain ($500,000 for a married couple filing jointly) is excluded from federal income tax (IRS Publication 523).
Calculate for Minneapolis
In short
The median value of owner-occupied homes in the city of Minneapolis is $368,300, according to the Census Bureau’s 2024 American Community Survey. Prices in the Minneapolis–St. Paul–Bloomington metro area rose 2.3% between the second quarters of 2025 and 2026 (FHFA). When you buy a house, duplex or townhouse in the city, the seller must have a Truth in Sale of Housing report (City of Minneapolis).
How much homes cost in Minneapolis
The Census Bureau’s American Community Survey (ACS) asks owners how much they think their home would sell for. The median of those answers is a useful benchmark, but it is not a sale price: it covers every owner-occupied home, including homes bought long ago. Our page on Minnesota home prices explains the method in detail.
| Area | Median value, 2024 (ACS) | Margin of error (90%) |
|---|---|---|
| City of Minneapolis | $368,300 | ±$8,429 |
| Hennepin County | $396,100 | ±$4,370 |
| Minneapolis–St. Paul–Bloomington metro area (MN-WI) | $384,300 | ±$2,333 |
| Minnesota | $344,600 | ±$1,807 |
| United States | $360,600 | ±$618 |
Source: U.S. Census Bureau, ACS 1-Year Estimates 2024, table B25077. The 2025 estimates are scheduled for October 29, 2026.
Are Minneapolis prices rising?
The Federal Housing Finance Agency (FHFA) tracks repeat sales of the same single-family homes. FHFA publishes no index for the city alone, so the closest series is its purchase-only, seasonally adjusted index for the metro area, published August 25, 2026:
| Area | 1-year change (Q2 2025 to Q2 2026) | 5-year change (Q2 2021 to Q2 2026) |
|---|---|---|
| Minneapolis–St. Paul–Bloomington metro area | +2.3% | +20.5% |
| Minnesota | +2.5% | +24.7% |
| United States | +2.1% | +33.4% |
Source: FHFA House Price Index, quarterly purchase-only files. Changes calculated by Payotte from the published index values.
Prices in the metro area rose modestly over the past year, after a gain of about a fifth over five years.
To see what similar homes sold for, the City offers a Neighborhood Sales Finder. You pick a neighborhood, a property type and a date range, then narrow by price, living area or year built. The City says that neither it nor its Assessor’s Office warrants the accuracy or timeliness of the data.
Costs and taxes
Closing costs, the transfer tax and property tax are covered in our Minnesota guides, so the figures are the same on every page:
- Closing costs in Minnesota: who pays what, and the fees set by law.
- Transfer tax in Minnesota: whether the state or the county charges one, and who pays.
- Property tax in Minnesota: how Hennepin County and Minneapolis assess a home and what exemptions apply.
The City’s Buying & Selling page also links to a tool to estimate your property taxes.
For the loan itself, see our guides to escrow accounts and homeowners insurance.
Truth in Sale of Housing: a city rule that affects buyers
Minneapolis requires a safe-housing evaluation before certain homes are sold. According to the City:
- It applies to single-family houses, duplexes, townhouses and first-time condominium conversions.
- The seller must have a full Truth in Sale of Housing (TISH) report before showing the property.
- It applies to sales by owner, sales through an agent, contract for deed and other title transfers.
- A property does not need a report if the City has issued a Certificate of Code Compliance (valid up to one year) or a Certificate of Occupancy for a new building (good for one sale).
- Buyers can search a property’s address on the City’s site to see whether a report exists, and a buyer can file an acknowledgement of responsibility for required repairs on a home they are buying.
Read the report with your home inspection. The evaluation is a city safety check, not a full inspection. Our page on seller disclosure in Minnesota covers what the seller must tell you under state law.
Help with the purchase
The City offers a down payment assistance loan for low-income first-time buyers: a 30-year deferred mortgage with no interest, for $10,000 (income at or below 80% of the area median income) or $20,000 (income below 60%). You apply through a City partner organization. Details, income limits and the state program are in our Minnesota first-time buyer programs article.
If you buy a rental building
Every rental property in Minneapolis must have a license (City of Minneapolis). Selling an affordable rental building triggers an advance-notice process: the owner notifies tenants and the City 60 days before putting it up for sale, and the new owner must send a notice within 30 days of taking ownership. Our tenant rules guide covers deposits, evictions and rent rules.
Minnesota guides for Minneapolis buyers
Frequently asked questions
What is the median home price in Minneapolis?
The Census Bureau’s 2024 American Community Survey puts the median value of owner-occupied homes in the city of Minneapolis at $368,300 (±$8,429). This is what owners think their home is worth, not the median sale price of recent sales.
Are home prices in Minneapolis going down?
No. According to the FHFA purchase-only index, prices in the Minneapolis–St. Paul–Bloomington metro area rose 2.3% between the second quarter of 2025 and the second quarter of 2026. Over five years, they rose 20.5%.
What is a Truth in Sale of Housing report?
A safety evaluation of a home that the City of Minneapolis requires before the sale of a single-family house, duplex, townhouse or first-time condominium conversion. The seller must have it before showing the property.
Does Minneapolis offer down payment help?
Yes. The City offers an interest-free 30-year deferred loan of $10,000 or $20,000, depending on income, to low-income first-time buyers who complete a homebuyer class.
Do landlords need a license in Minneapolis?
Yes. The City says every rental property in Minneapolis must have a license. Check it before buying a rental.
More Minnesota guides
- Closing costs in Minnesota: what buyers and sellers pay
- Minnesota deed tax and mortgage registry tax explained
- How Minnesota property tax works and what the homestead saves
- Minnesota seller disclosure: what sellers must tell buyers
- Do you need a real estate attorney to close in Minnesota?
- Foreclosure in Minnesota: process, timeline and your rights
- Home prices in Minnesota and Minneapolis: median value
- First-time home buyer programs in Minnesota and Minneapolis
- How to verify a real estate license in Minnesota
- Buying a rental property in Minnesota: tenant rules to know
Sources
- Table B25077, Median Value (Dollars), ACS 1-Year Estimates 2024 (U.S. Census Bureau) (consulted October 13, 2026)
- 2025 ACS Data Release Schedule (U.S. Census Bureau) (consulted October 13, 2026)
- U.S. House Prices Rise 2.1 Percent Year over Year, Up 0.3 Percent Quarter over Quarter (FHFA, August 25, 2026) (consulted October 13, 2026)
- FHFA House Price Index datasets, quarterly purchase-only indexes (state, metro) (consulted October 13, 2026)
- Buying & Selling (City of Minneapolis) (consulted October 13, 2026)
- Truth in Sale of Housing (City of Minneapolis) (consulted October 13, 2026)
- Neighborhood Sales Finder (City of Minneapolis) (consulted October 13, 2026)
- Down payment assistance (City of Minneapolis) (consulted October 13, 2026)
- Advance Notice of Sale (City of Minneapolis) (consulted October 13, 2026)
- Rental Licenses (City of Minneapolis) (consulted October 13, 2026)