Downtown Minneapolis Condo Market Update February 2025
The downtown Minneapolis condo market remains active, with 182 active listings and 469 closed sales in the last 12 months. The median list price for active properties is $335,000, with condos spending an average of 134 days on the market. The median sales price over the past year was $355,000, with properties selling in 72 days on average. The typical condo features 2 bedrooms, 2 bathrooms, and was built around 1993-1999. The median price per square foot for active listings is $295, while closed sales show a slightly higher $307 per square foot, reflecting strong demand for downtown properties.
Downtown West remains one of the more affordable areas, with a median sales price of $273,000, which is 23.1% lower than the downtown median. Condos in this neighborhood spend an average of 96 days on the market, making it a slightly slower-moving area. Downtown East commands the highest price per square foot at $410, which is 33.5% higher than the downtown median. Condos in this neighborhood sell slightly faster than the overall market, averaging 73 days before closing.
North Loop continues to be one of the strongest-performing neighborhoods, with the fastest sales pace at just 38 days on market and a median sales price of $410,500, which is 15.6% higher than the downtown median. This area remains a top choice for buyers looking for modern condos in a vibrant urban setting. In contrast, Loring Park is one of the most affordable downtown neighborhoods, with a median sales price of $220,000, which is 38% lower than the downtown average. The price per square foot in this neighborhood is $200, significantly lower than the citywide median of $307. Elliot Park also offers affordability, with a median sales price of $328,000, 7.6% lower than the downtown median. However, condos here spend significantly longer on the market, averaging 118 days before selling.
North Loop stands out as the fastest-selling neighborhood, with condos closing nearly 50% faster than the downtown average. Downtown East remains the most expensive per square foot, while Loring Park is the best option for affordability. Properties in Elliot Park and Downtown West tend to stay on the market longer, creating more negotiation opportunities for buyers.
If you’re considering buying or selling a condo in downtown Minneapolis, now is a great time to explore your options. Whether you're looking for an affordable condo, a luxury high-rise, or an investment property, understanding market trends is key to making the right decision. Contact me today for a personalized market analysis and expert guidance.