The Minneapolis real estate market offers a variety of options for homebuyers, including single-family homes, condos, and townhouses. Whether you’re looking for a traditional house with a yard, a low-maintenance condo, or a spacious townhouse, understanding the differences between these property types can help you make an informed decision. This report compares the latest sales trends, pricing, and market conditions for these three housing options.

Single-family homes continue to dominate the Minneapolis housing market, accounting for 3,270 total sales in the past year. They sell the fastest, with a median of 15 days on the market. With an average total size of 1,637 square feet and a 0.12-acre lot, they offer the most space. The median sales price of $340,000 provides a balance between affordability and long-term value.

Condos are the most affordable option, with a median sales price of $250,000. However, they take the longest to sell, averaging 63 days on the market. With the highest price per square foot at $258, buyers pay more for less space. Condos typically have smaller lot sizes and shared amenities, making them ideal for those looking for a low-maintenance lifestyle.

Townhouses fall between single-family homes and condos in price, size, and maintenance. The median sales price of $372,000 is higher than both single-family homes and condos. They have a moderate selling speed, averaging 41 days on the market. Larger than condos, townhouses average 1,733 square feet, but their lot sizes remain smaller than single-family homes. They are a great alternative for buyers wanting more space without the upkeep of a detached home.

For buyers, condos offer the lowest price point and urban convenience, while townhouses provide a balance of space and cost with lower maintenance. Single-family homes remain the best choice for those seeking long-term appreciation, a yard, and more privacy. For sellers, single-family homes sell the fastest, while condos require strategic pricing due to longer market times. Townhouses remain in demand but should be priced competitively with single-family homes.

Choosing the right home type depends on your lifestyle and financial goals. Condos are ideal for those who want affordability and low-maintenance living. Townhouses offer more space while requiring less upkeep than a house. Single-family homes provide the most space, privacy, and long-term value. If you’re considering buying or selling in Minneapolis, let’s discuss your best options.