October 2019 Minneapolis Market Report Overview

Minneapolis Market Report – October 2019 Recap

November 15, 2019 by Joe Grunnet

As we head into the winter season, we wanted to first take a look back at October, as well as this past year, to see how the market has changed since 2018. There are few key areas we’d like to focus on to give clients and potential buyers a good overview of the Downtown Minneapolis real estate market.

Let’s dive in!

New Listings

As is typical for this time of year, October saw a slight decrease of 4.4% in new listings compared to the previous year. However, 2019, as a whole, has seen an increase in inventory of 3.9% year over year. With more inventory on the market, it opens the field up for clients not wanting as much competition from other home buyers.

Sales Price

In the last year, sales price in Downtown Minneapolis has gone up 11.3% overall. However, prices have fallen 16.5% since October of last year. October 2019 saw an average sales price of $416,088 and a median price of $340,000. As we move into a slower season for Minnesota real estate, now may be a great time to purchase, as you will often find a dip in sales prices.

Price Per Square Foot

The average price per square foot has had a steady climb since January of 2018. This year has seen a 5.8% increase in average price per square foot overall, and October 2019 saw a jump of 2.3% compared to last year.

Average Days on Market

The average days have increased quite a bit over the last year—jumping up 17.2% compared to 2018. We can speculate that an increase in inventory and the rise in average sales prices has contributed to home staying on the market longer. The average days on market for October 2019 is 57 days.

Whether you’re looking to buy a Minneapolis condo for sale now, or next year, the first step is talking to an urban realtor and exploring all your options in person. Check out our Condo Guide or explore similar homes that match yours on our search page to help you get started. Contact DRG today!

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