May 2025 Downtown Minneapolis Real Estate Market Overview
The May 2025 housing market in Downtown Minneapolis had fewer new listings and closed sales, but pricing and buyer activity remained steady overall. Here's what the data tells us:
📈 Key Market Metrics: May 2025 vs. May 2024
New Listings: This year’s May market saw a notable drop in new inventory compared to May 2024. Fewer sellers are listing, possibly due to uncertainty about timing or limited options to move into next. This tightening supply may keep pricing relatively firm despite broader economic shifts.
Closed Sales: Fewer homes sold compared to last May. This slowdown could be tied to limited inventory, buyer caution, or financing hold-ups. That said, 60 closings still reflects steady interest in the downtown market.
Median Sales Price: Prices have softened slightly year-over-year, following a trend we’ve seen since early spring. The dip is moderate and reflects fewer high-end sales rather than a sharp decline in value. Well-priced homes in desirable buildings are still seeing strong interest and the price per square foot reflects this.
Median Price per Square Foot: Price per square foot is holding relatively steady, suggesting that downtown condos and homes are maintaining value at the individual unit level. This further confirms that the slight drop in median sale price is more about the mix of properties selling.
Median Days on Market: Homes are still moving at a healthy pace. An average of 50 days on market is historically typical for May, and only a slight increase from last year. This signals that well-marketed homes are continuing to attract buyers quickly.
🏡 Implications for Buyers and Sellers
If you’re selling, thoughtful pricing and strong marketing are key as buyers become more selective. Inventory is tighter, giving your property a good chance to stand out.
If you’re buying, slightly softened pricing and less competition from luxury buyers may give you more room to negotiate — but don’t wait too long, as the best listings are still moving quickly.
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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