Minnesota Housing Market Trends

Real-time market data powered by Zillow Research. Last updated: 2026-04-02

The Twin Cities metro continues to benefit from its diversified Fortune 500 economy, with healthcare (UnitedHealth, Mayo Clinic), retail (Target, Best Buy), and financial services (U.S. Bancorp, Ameriprise) providing a broad employment base. Minneapolis neighborhoods like Northeast, Uptown, and Longfellow have seen strong appreciation. Rochester has emerged as a growth story driven by Mayo Clinic expansion and the Destination Medical Center initiative. Duluth and the North Shore attract lifestyle buyers willing to trade urban conveniences for Lake Superior access.

By BuyAHomeIn Editorial | Updated 2026-03-02 | Sources: Zillow Research, U.S. Census

Is Now a Good Time to Buy in Minnesota?

The Minnesota housing market is showing balanced conditions.

home values have grown a moderate 2.4% year-over-year. there are currently 665 homes on the market.

Median Home Value

$341,308

Zillow Home Value Index

Year-over-Year

+2.4%

Home value change

5-Year Change

+22.6%

Since 2021

Median Rent

$1,366/mo

Zillow Observed Rent Index

Active Listings

665

Homes for sale

Home Value Trends

5-year Zillow Home Value Index (ZHVI) for Minnesota vs. national average. ZHVI reflects the typical home value in the 35th-65th percentile range.

Rent Trends

Average rent in Minnesota: $1,366/mo (+6% YoY)

Rent vs. Buy Analysis

With a median home value of $341,308 and average rent of $1,366/mo, the price-to-rent ratio in Minnesota is 20.8. A ratio of 15-21 means it could go either way — run the numbers.

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