Buying a home in Minneapolis, Minnesota

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.

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:

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

• Closing costs in Minnesota
• Property tax in Minnesota
• Seller disclosure in Minnesota
• Do you need a real estate attorney in Minnesota?
• Foreclosure in Minnesota
• How to verify a license in Minnesota
• First-time buyer programs in Minnesota
• The steps of buying a home