MINNEAPOLIS —The price of homes in Minneapolis has risen less than in other U.S. metropolitan areas over the past five years
According to a CBS News price trackerthe cost of an average home in Minneapolis increased by $79,125, from $295,269 in October 2019 to $374,394 in October.
That’s less than other areas in the Midwest. Costs in Green Bay have increased by more than $112,000 in the past five years. Sioux Falls, South Dakota saw a price increase of more than $100,000, and in Chicago the increase was more than $85,000.
It’s also less than some of the largest cities in the US. The cost of a home in New York and New York has increased by more than $177,000 in the past five years, and Los Angeles saw an increase of more than $295,000.
According to Zillow data, the typical cost for a home in Minneapolis in October 2019 was well above the $242,717 average cost for a home in the U.S.
At the end of October, Minneapolis was much closer to, but still above, Zillow’s median home price of $359,099.
The highest cost of a typical home is in San Jose, California, at $1,595,389, according to the price tracker. The lowest is in Charleston, West Virginia, with a typical cost of $144,755.
Average rents in Minneapolis have increased by $250 over the past five years, from $1,414 to $1,664.
The price tracker uses data from Zillow, which deeply studies the sales prices, rents and other housing costs of homes using a combination of the listings on its own sites, public records and economic trends.
