March 2025 Downtown Minneapolis Real Estate Market Update: Rising Prices & Faster Sales
The Downtown Minneapolis real estate market experienced some notable shifts in March 2025, with rising prices, faster sales, and an increase in available listings. Compared to March 2024, the data highlights key trends that both buyers and sellers should be aware of.
1. More Homes on the Market: 103 New Listings (+25%)
📌 Buyers have more options this spring, with a notable increase in available homes.
New listings increased by just over 25%, reaching 103 homes. With more options available, buyers have a wider selection to choose from. However, desirable properties are still selling at a steady pace, so having a clear strategy remains important.
2. Median Sale Price Soars: Nearly $450K (+33.7%)
📌 Higher-end homes are driving up prices, signaling strong demand in the luxury market.
The median sale price jumped 33.7% to nearly $450,000, largely driven by higher-end homes making up a bigger share of sales.
3. Steady Appreciation: Price Per Square Foot at $323 (+3%)
📌 Home values continue to rise, reflecting a resilient downtown market.
Meanwhile, the median price per square foot rose by about 3% to $323, indicating steady appreciation across the board. Sellers are benefiting from strong pricing, while buyers should expect to see higher price points available, especially in luxury buildings.
4. Homes Selling Faster: Median Days on Market Down to 77 (-42%)
📌 Properties are moving quickly, making preparation key for both buyers and sellers.
One of the most noticeable changes this month is the median days on market dropping over 42% to just 77 days. This means homes are selling much faster than they were a year ago. While buyers have more choices, they should still be prepared to act efficiently when they find the right fit.
5. Fewer Closings: 35 Sales (-25%)
📌 While more homes are listed, not all are reaching the closing table—buyers may be taking more time to make decisions when properties aren't presented at their ideal pricing and staging.
Despite the increase in new listings, closed sales dropped by about 25% to just 35 transactions downtown. This suggests that while more homes are coming to market, some sellers may be holding out for the right offer, or buyers are taking a bit longer to make their moves.
What This Means for You
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For Sellers: With prices up and homes selling faster, this remains a strong market for those looking to list. Well-positioned homes are attracting buyers quickly.
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For Buyers: More listings mean greater opportunity, but with prices rising, being prepared and working with a knowledgeable agent will help you find the best value.
Final Thoughts
March 2025 has brought a dynamic market to Downtown Minneapolis, with increasing home values and a steady stream of new listings. Whether you're buying or selling, having an expert by your side can help you navigate the changes and make the most of the opportunities ahead.
If you're curious about your home’s value or ready to explore your options, let's connect!
REACH OUT TO DISCUSS HOW THESE NUMBERS AFFECT YOUR MARKET TIMING AT [email protected]
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.
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