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Prototype of a planned home-buying brokerage for the 50 largest U.S. cities. Not a licensed brokerage in any state, and no brokerage services are offered. Listings, people and companies are sample data; market statistics are real public data, cited where shown.

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Trends · Minnesota

House prices and costs in Minneapolis, MN

How house prices moved across 21 Minneapolis ZIP codes, what buyers here borrowed and paid, what's new and how buying works in Minnesota. Public data, with sources and dates. Past change, not a forecast.

Minneapolis-St. Paul-Bloomington, MN-WI metro house prices +2.2% in the year to 2026 Q2 (FHFA, purchases)

7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR.

How house prices moved in Minneapolis, 2022–2025

Of 16 ZIPs with enough data, 10 rose 7% or more, 0 fell 7% or more and 3 moved less (no clear change); 3 swung too much from year to year to rank. Past rankings are a weak guide: of the ZIPs in their city's top 3 for 2019–2022, 25 of 134 (about 1 in 5) were top 3 again for 2022–2025; chance alone would give about 21. Past change, not a forecast.

FHFA's experimental ZIP house price index: houses with Fannie Mae or Freddie Mac loans, from sales and refinance appraisals. Condos, co-ops and multi-unit buildings aren't in it. Tap a ZIP to see it on the map.

Largest house-price rises, 2022–2025

3-year change of the ZIP index; ZIPs with an index every year, 5,000+ residents and 1,000+ owner-occupied homes. Left out as too jumpy: a ZIP whose index rose 7% or more in one year and fell as much in another. Each year's change below.

  1. 1ZIP 55409 · includes Kingfield2023 +4.0% · 2024 +1.2% · 2025 +7.6%+13.2%
  2. 2ZIP 554302023 +7.2% · 2024 +2.8% · 2025 +2.1%+12.5%
  3. 3ZIP 554112023 -2.1% · 2024 +2.4% · 2025 +10.6%+10.9%
  4. 4ZIP 55418 · includes Northeast2023 +5.0% · 2024 +3.2% · 2025 +1.9%+10.4%
  5. 5ZIP 55417 · includes Nokomis2023 +1.7% · 2024 +4.9% · 2025 +2.9%+9.8%

Largest house-price falls, 2022–2025

3-year change of the ZIP index; ZIPs with an index every year, 5,000+ residents and 1,000+ owner-occupied homes. Left out as too jumpy: a ZIP whose index rose 7% or more in one year and fell as much in another. Each year's change below.

No Minneapolis ZIP's house prices fell 7% or more from 2022 to 2025.

Lowest owner-reported values

Median value owners report (Census ACS 2020–2024). Left out: ZIPs under 1,000 residents, less reliable estimates, and ZIPs where most owners live in condos or co-ops.

  1. 1ZIP 55412± $8.6K · ≈ $1,620/mo housing payment (est.) on a house, 20% down$232K
  2. 2ZIP 55411± $8.9K · ≈ $1,704/mo housing payment (est.) on a house, 20% down$245K
  3. 3ZIP 55430± $8.6K · ≈ $1,776/mo housing payment (est.) on a house, 20% down$257K
  4. 4ZIP 55404± $17K · ≈ $1,997/mo housing payment (est.) on a house, 20% down$292K
  5. 5ZIP 55407± $6.4K · ≈ $2,275/mo housing payment (est.) on a house, 20% down$335K

Population grew most

Residents, 2015–2019 to 2020–2024 (Census ACS): only changes larger than the margin of error, in ZIPs with 1,000+ residents.

  1. 1ZIP 554156,900 residents+43.3%
  2. 2ZIP 55406 · includes Longfellow36,581 residents+9.0%

Public loan records · 2025

What buyers here actually borrowed and paid (2025)

2025 home-purchase loans (first liens) on owner-occupied 1–4 unit homes in Minneapolis's census tracts: 3,476 loans. These are loans that closed in Minneapolis, not offers: a rate depends on your credit, down payment, points and the day you lock it.

Interest rate, 30-year fixed (conventional)
6.375% to 6.875%Middle half of loans; median 6.625% · 2,689 loans
Loan costs at closing
$4,107 to $7,086Middle half; median $5,044. Origination charges (points included) and settlement services, Closing Disclosure section D · 2,955 loans
Borrowed, every loan on the home combined
88% of the value (median)Middle half 80% to 95%. 56.6% of buyers borrowed more than 80% of the value, 40.1% more than 90%, 22.8% more than 95%. HMDA's combined loan-to-value: every loan on the home (second loans, down-payment-assistance loans and financed FHA or VA fees too) ÷ the value the lender used, so it doesn't show the cash buyers put down · 3,362 loans
Loan types
Conventional 88.7% · FHA 7.9%VA 3.4% · USDA 0%
Discount points
54.1% of loans paid pointsMedian paid: $1,982. Points buy a lower rate.
Loan limits, 2026
$832,750 conformingAbove it, a jumbo loan with its own rates and rules; FHA limit $552,000 (one-unit home, Hennepin County)

For comparison: 7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR. Source: FFIEC Home Mortgage Disclosure Act (HMDA) data: 2025 Snapshot National Loan-Level Dataset (data as of June 1, 2026), via the CFPB HMDA Data Browser; Homiy's calculations (2025 loans; retrieved 2026-09-27).

Research · dated and sourced

What's new in Minneapolis

Rail openings, zoning changes and big projects from primary sources, newest first. Stars on the map mark the ones with a location. News, not a price forecast.

  1. Rail opened

    METRO E Line bus rapid transit opens

    The new BRT service connects the University of Minnesota, downtown, Uptown and the Southdale area. It uses buses, not a new rail line.

    Metro Transit, E Line opening
  2. Zoning change

    2040 land-use rezoning takes effect

    New primary zoning districts align land-use rules with Minneapolis 2040. The earlier three-home policy remains subject to built-form and building-code standards.

    Minneapolis 2040, Land Use Regulations implementation

Metro area · public data

Minneapolis-St. Paul-Bloomington, MN-WI

House prices, year to 2026 Q2
+2.2%FHFA purchase-only index
House prices, 5 years to 2026 Q2
+20.0%FHFA purchase-only index
House prices, 2025
+3.3%All sales and refinances, like the ZIP figures; 2022–2025: +9.9%
New homes permitted
3.9 per 1,000 residents14,647 homes · +0.1% vs a year earlier · Sep 2025–Aug 2026
Jobs, 12 months
+1.4%Aug 2026 (preliminary)
Population, July 2020 to July 2025
+2.6%3,790,295 residents in July 2025 (Census estimates)
Mortgage rate benchmark
7.03%Freddie Mac average, week of Sep 24, 2026

7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR. New homes permitted is a supply signal: more permits per resident usually means more homes coming to market. Jobs, permits and population cover the whole metro.

Natural hazards, compared with other U.S. counties

  • Hennepin County, MN: expected yearly losses rated very high for tornado, winter weather, hail; expected yearly losses rated relatively high for inland flooding, heat wave.
    Other ratings for Hennepin County, MN
    • EarthquakeRelatively Low
    • WildfireRelatively Low

FEMA National Risk Index December 2025: Expected Annual Loss rating of each hazard, by county (NRI December 2025): expected annual losses to buildings, people and agriculture; FEMA's social-vulnerability adjustments aren't included. This describes each county, not this home. Check the address on FEMA's flood map; in a high-risk flood zone, a federally backed loan requires flood insurance.

Sources (9)

Research summary · not legal advice

How buying works in Minnesota

The usual steps, deadlines and closing costs for a purchase in Minneapolis, from state law, standard contract forms and local custom. Contracts can change any of it. Homiy is a prototype: it isn't a licensed brokerage in Minnesota and offers no services here.

Who runs the closing
A title company runs the closing and holds the money. Typical time from contract to keys: about 30 days.
The contract
Your signed offer becomes a binding contract once the seller accepts it.
Details

Minnesota REALTORS Purchase Agreement (defaults not reviewed)

Buyer agreement
Minnesota REALTORS buyer representation contract, signed before touring.
Details

A signed buyer's broker agreement is required before performing any act as the buyer's representative (Minn. Stat. 82.66 subd. 2).

Source: Minn. Stat. §82.66 subd. 2 buyer's broker agreements (quoted in NAR 2024 report)

Inspection
About 10 days for inspections.
Details

Sample; set in the purchase agreement.

Earnest money
1–2% of the price, due within 3 days, held by: Listing broker trust account or title company.
Details

Sample values; the contract sets them.

Seller's disclosure
Seller's Property Disclosure Statement (Minn. Stat. 513.52–513.61)
Details

Required unless both sides agree in writing to waive it or the seller uses a qualified inspection; no rescission right.

Source: Minn. Stat. §§513.52–513.61 seller's disclosure (statute; not re-fetched in this session)

Loan and appraisal
Loan contingency: 21 days (set in the contract).
Details

Sample; appraisal and financing terms are set in the purchase agreement.

Title insurance
Who pays for the owner's policy varies; the contract decides.
Details

Secondary sources disagree on who customarily pays; negotiated in the purchase agreement.

Property tax for a new owner
Your property tax follows the county's assessed market value. About 1.2% of the price a year is our planning figure for Minneapolis; your bill can differ.
Details

Estimated market value each January 2; homestead classification and the homestead exclusion lower the taxable value; a sale doesn't reset it.

Census ACS 2020–2024 median tax ÷ median value in Minneapolis (1.20%). Minnesota taxes estimated market value with a lower homestead class rate; a sale doesn't reset it. Owner-reported values lag the market; treat as an estimate.

Agent credits to the buyer
Minnesota allows an agent to credit part of their pay to the buyer, with the lender's approval.
Details

The rebate ban exempts payments to the parties to the transaction (Minn. Stat. 82.70 subd. 2(b)(1)); compensation must be disclosed (subd. 3).

Source: Minn. Stat. §82.70 compensation, rebates (parties exempt), undisclosed compensation (retrieved 2026-09-27)

Closing taxes

Closing taxes in Minneapolis, who customarily pays and the rate
TaxCustomarily paid byRate
Minnesota deed taxSeller0.33% of the priceMinnesota Dept. of Revenue: deed tax rate 0.0033 (+0.0001 Hennepin/Ramsey)
Minnesota mortgage registry taxBuyer0.23% of the loanMinnesota Dept. of Revenue: mortgage registry tax rate 0.0023 (+0.0001 Hennepin/Ramsey)
Hennepin County environmental response fund (deed)Seller0.01% of the priceMinnesota Dept. of Revenue: deed tax (Hennepin/Ramsey environmental response fund 0.0001)
Hennepin County environmental response fund (mortgage)Buyer0.01% of the loanMinnesota Dept. of Revenue: mortgage registry tax (Hennepin/Ramsey +0.0001)

Programs and after you buy

Down-payment help
Start Up (Minnesota Housing)Mortgages for first-time homebuyers with down payment and closing cost loan options of up to $18,000; Step Up offers up to $14,000 for repeat buyers.Official page, checked 2026-09-28.Minnesota's housing finance agency runs it; the program decides who qualifies and for how much.
Down-payment help in Minneapolis
Down Payment Assistance (City of Minneapolis)A 30-year deferred, no-interest loan of up to $20,000, based on household income and available funds.Official page, checked 2026-09-28.
Homestead exemption
Homestead Classification (Minnesota Department of Revenue)For a property you own and occupy as your sole or primary residence; apply to your county assessor once, and you don't reapply.Deadline: December 31, for taxes payable the next yearOfficial page, checked 2026-09-28.
If you disagree with your assessment
Process to appeal your property assessment (City of Minneapolis Assessing Department)Ask the Assessing Department for an informal review; if you disagree with its findings, file a formal appeal with the Local Board of Appeal and Equalization, and after its ruling you may appeal to the County Board of Appeal and Equalization.When: April 3, 2026 for an informal review; April 9, 2026 to file a formal appeal with a scheduled hearing at the Local Board, which meets April 14, 2026 (the 2026 window has closed; it opens again next year)The city's Appeal your market value page adds that you can also appeal to the Minnesota Tax Court until April 30 of the year the taxes are payable.Official page, checked 2026-09-28.
After you buy: alerts on your deed
Property Watch notification service (Hennepin County)A free email when a document affecting your property is recorded; it won't prevent fraud, but it lets you review unexpected recordings.Official page, checked 2026-09-28.
Sources (11)

Methodology

How we measure, and what it isn't

Past change, not a forecast. These figures describe the past from public data; they don't tell you where prices go next.

House prices by ZIP, and the rankings

FHFA's experimental ZIP house price index: houses with Fannie Mae or Freddie Mac loans, from sales and refinance appraisals. Condos, co-ops and multi-unit buildings aren't in it. It's built from repeat sales and refinance appraisals of the same homes, not average sale prices, and FHFA publishes no margin of error for it. We rank ZIPs by the change over the last 3 years, only where FHFA published the index in every one of them, and only ZIPs with 5,000+ residents and 1,000+ owner-occupied homes. A change smaller than 7% either way is “no clear change”: in our 50 cities, the index's own year-to-year swings suggest sampling alone can move a three-year change about that much. A ZIP whose index rose 7% or more in one year and fell as much in another is left out as too jumpy. We show rises and falls, each year's change, and the city's and metro's figures for the same years. Past rankings are a weak guide: of the ZIPs in their city's top 3 for 2019–2022, 25 of 134 (about 1 in 5) were top 3 again for 2022–2025; chance alone would give about 21. Many ZIPs, especially dense ones, have no index.

City and metro price figures

City: the resident-weighted average of its ZIPs that have an index (the ZIP card says when that's only part of the city). Metro: FHFA's all-transactions index over the same calendar years, the ZIPs' method; the metro card also shows FHFA's purchase-only index for the latest quarter against a year and five years earlier. Where FHFA splits a metro into divisions (New York, Miami, Detroit and others), the division's index, named where it's shown. Jobs, permits and population always cover the whole metro.

Payment ÷ income

Monthly housing payment (est.) on a house at the ZIP's median value: 20% down · 30-year fixed at 7.03% (Freddie Mac average) · 360 monthly loan payments · APR not calculated (it depends on the lender's fees) · includes principal and interest, property tax, home insurance and any HOA dues, plus mortgage insurance below 20% down. Property tax uses Minneapolis's rule for a new buyer (about 1.2% of the price a year, our planning figure); insurance is a typical premium. Not included: upkeep, utilities, flood insurance, special assessments. Divided by a month of the ZIP's median household income. The Census reports values over $2 million and incomes over $250,000 only as “or more”, so those shares are bounds (“at least”, “at most”). Left out where 50% or more of owner-occupied homes are in buildings with 5+ units: their HOA dues or co-op charges aren't in the payment. It combines two estimates, so no margin is computed. 7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR.

Census figures and margins of error

American Community Survey 5-year estimates, 2020–2024: the median value owners report for their homes (it lags sale prices; co-op owners report the value of their shares), median rent with utilities, median household income, residents, and the property tax and monthly costs owners report. Each comes with its 90% margin of error (±). Figures whose margin is 20–49% of the estimate are marked “less reliable” and left out of rankings and tags; figures with wider margins aren't shown. A population change (from 2015–2019) is shown only when it passes the Census Bureau's 90% significance test; otherwise it says “no clear change”. Minneapolis's own figures come from the Census's estimates for the city itself where published; otherwise they blend its ZIPs (no margin computed). Lists leave out ZIPs with fewer than 1,000 residents.

Tags

Lower home values:
The median value owners report is in the lowest quarter of the city's ZIPs (Census ACS). Less reliable estimates and ZIPs where most owners live in condos or co-ops aren't compared.
Population grew:
Residents rose 5% or more between the two latest five-year Census surveys, by more than the margin of error.
Mostly condos or co-ops:
Half or more of owner-occupied homes are in buildings with 5 or more units. Values there leave out HOA dues and co-op charges, so they aren't ranked.
New rail nearby:
A rail station opened within about a mile in 2023–2026.

“New rail nearby” uses our dated news pins: a ZIP whose center is within 1,600 m of a station that opened, plus the ZIP the station sits in. No tag describes price momentum.

Hazards and flood insurance

FEMA's National Risk Index rates each county's expected yearly losses from each hazard against all U.S. counties; we show those Expected Annual Loss ratings for every county the city lies in, without FEMA's social-vulnerability adjustments. They describe counties, not homes. Flood insurance counts are policies and claims in the federal program (NFIP) only. Check an address's flood zone on FEMA's flood map.

What buyers borrowed and paid

Public HMDA loan records: home-purchase first liens on owner-occupied 1–4 unit homes in the city (the card names the area covered), with the number of loans behind each figure. Loans that closed, not offers or quotes.

Neutral by design

We describe prices, payments, population counts, construction and rail lines. We don't describe places by who lives there, schools or crime, and we don't call areas “up-and-coming”, “transitional” or “safe”. Choose where to live for your own reasons.

Sources and dates