February data is in! In our hyper-local real estate market analysis, we can anticipate big swings. You'll find that February 2024 had some significant influential sales and factors contributing to the numbers this month compared to February 2023.
As always, reach out to discuss how these numbers affect your market timing at [email protected]
Closed Sales: In February 2024, there were 18 closed sales in the Downtown Minneapolis Real Estate Market. Among these, 4 sales exceeded $1 million. This mix of sales composition indicates that the median values will be more reflective of the market's performance rather than the average, highlighting potential fluctuations due to the smaller sample size.
New Listings Increase: New listings have surged by 11.8% in February 2024 compared to the same period in 2023. This increase suggests heightened activity in the market, potentially indicating growing interest. We have seen a very strong start to the spring market this year earlier than typically anticipated!
Median Sale Price: The median sale price in February 2024 stands at $517,000, marking a significant increase of 56.7% compared to February 2023. This substantial rise in median sale price highlights higher-end properties selling on the market.
Median Price per Square Foot: The median price per square foot has risen by 15.7% to reach $375 in February 2024 compared to the previous year.
Median Days on Market: The median days on market has decreased by over 25% from 2023, now standing at 103 days. This reduction indicates that properties are selling faster in February 2024, potentially due to increased demand.
These data points collectively paint a picture of a dynamic downtown Minneapolis real estate market in February 2024, characterized by increased sales activity, rising prices, and reduced time properties spend on the market.
Data retrieved from the NorthStarMLS via map of Downtown Minneapolis Neighborhoods including: Loring Park, Elliot Park, Downtown West, Central Minneapolis, North Loop, East Town, Mill District, Nicollet Island, St. Anthony West, and Marcy-Holmes.
Do you have questions about Downtown Minneapolis or surrounding real estate markets?
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