Minneapolis FHA Loan Rates, Closing Costs & Stats

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Minneapolis's 186 lenders originated 6,635 FHA loans during 2022. The total origination value was $1,884,565,000, with an average FHA loan value of $284,034.

    Minneapolis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Minneapolis averaged 6.74% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

    Minneapolis's average FHA mortgage closing costs are $8,290.

    The average rate for the prior week (2023-09-15) was 6.49% and one month ago for the week of 2023-08-18, the average rate was 6.7%.

    The average rate one year ago was 5.69%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.8%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Minneapolis FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Minneapolis level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 416 4.88% $10,992
    QUICKEN LOANS, LLC 413 4.51% $11,156
    CROSSCOUNTRY MORTGAGE, LLC 370 5.22% $11,405
    LOANDEPOT.COM, LLC 307 5.11% $11,461
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 262 5.36% $10,269
    BROKER SOLUTIONS, INC. 251 5.29% $12,297
    Goldwater Bank, N.A. 212 5.32% $11,799
    EVERETT FINANCIAL, INC. 179 5.12% $6,911
    Bell Bank 164 4.88% $11,194
    Royal Credit Union 160 4.92% $11,168
    PENNYMAC LOAN SERVICES, LLC 151 4.09% $9,781
    BAY EQUITY LLC 141 4.94% $11,621
    CARDINAL FINANCIAL 134 4.96% $13,645
    FREEDOM MORTGAGE CORPORATION 106 4.62% $10,740
    MOVEMENT MORTGAGE, LLC 88 5.40% $10,118
    Mr. Cooper ( Nationstar Mortgage ) 88 4.40% $11,880
    Prosperity Home Mortgage, LLC 86 4.99% $9,271
    GUARANTEED RATE, INC. 81 4.96% $11,406
    Mortgages Unlimited Inc. 80 5.05% $11,193
    CALIBER HOME LOANS, INC. 79 4.94% $10,593
    Flagstar Bank, FSB 79 4.44% $10,029
    American Mortgage & Equity Consultants, Inc. 78 5.34% $13,085
    RESULTS MORTGAGE, LLC 73 4.89% $10,197
    GUARANTEED RATE AFFINITY, LLC 70 5.04% $11,176
    AMERISAVE MORTGAGE CORPORATION 70 4.43% $11,781
    Summit Mortgage Corporation 68 4.87% $11,562
    LAKEVIEW LOAN SERVICING, LLC 62 3.66% $7,034
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 59 4.78% $10,103
    Alerus Financial 56 5.06% $9,159
    U.S. Bank 54 5.15% $9,502
    Paramount Residential Mortgage Group, Inc. 49 5.39% $13,988
    HOME POINT FINANCIAL CORPORATION 49 4.29% $10,545
    Bank of England 48 5.32% $12,818
    Cambria Financial Group, LLC 48 5.24% $11,267
    CMG MORTGAGE, INC. 46 5.15% $11,821
    Lend Smart Mortgage, LLC 45 5.18% $11,625
    PLAZA HOME MORTGAGE, INC. 42 4.60% $12,048
    NEWREZ LLC 41 4.89% $10,133
    Tradition Mortgage, LLC 40 4.69% $10,741
    Waterstone Mortgage Corporation 40 5.19% $12,319
    Hometown Lenders, Inc. 39 5.26% $13,265
    PRIMELENDING, A PLAINSCAPITAL COMPANY 36 5.12% $11,009
    Carrington Mortgage Services, LLC 36 4.76% $12,956
    MEGASTAR FINANCIAL CORP. 36 4.75% $10,998
    Ixonia Bank 34 5.39% $11,654
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 34 5.54% $10,880
    The Huntington National Bank 32 5.12% $8,715
    EAGLE HOME MORTGAGE, LLC 32 4.81% $11,844
    Barrington Bank & Trust Company, N.A. 31 5.15% $11,593
    Servion, Inc. 31 4.55% $8,998
    DHI MORTGAGE COMPANY, LTD. 30 4.19% $8,730
    AXIA FINANCIAL, LLC 30 4.90% $11,556
    M/I FINANCIAL, LLC 27 4.33% $12,624
    ENVOY MORTGAGE, LTD 27 5.15% $11,070
    PLANET HOME LENDING, LLC 22 5.24% $10,228
    PULTE MORTGAGE LLC 22 4.91% $8,211
    MUTUAL OF OMAHA MORTGAGE, INC. 21 5.13% $15,468
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 20 4.54% $10,695
    Equity Prime Mortgage LLC 17 6.07% $13,877
    PRIMARY RESIDENTIAL MORTGAGE, INC. 17 5.21% $12,594
    HOMEOWNERS FINANCIAL GROUP USA, LLC 16 5.57% $11,086
    AMERICAN FINANCING CORPORATION 16 4.33% $9,149
    Plains Commerce Bank 16 5.38% $12,503
    LAND HOME FINANCIAL SERVICES, INC. 16 5.02% $10,786
    SUN WEST MORTGAGE COMPANY, INC. 16 4.35% $10,146
    GSF Mortgage Corporation 16 5.27% $12,548
    Lakeview Community Capital, LLC 15 4.17% $6,982
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 15 5.43% $13,196
    MID AMERICA MORTGAGE, INC. 13 5.00% $8,494
    AMERICAN PACIFIC MORTGAGE CORPORATION 13 5.33% $14,956
    Mortgage Research Center, LLC 12 5.56% $7,887
    Wells Fargo Bank 11 5.03% $9,761
    Bremer Bank 10 5.41% $10,377
    HOMEBRIDGE FINANCIAL SERVICES, INC. 10 4.55% $9,990
    Old National Bank 10 5.18% $8,620
    M&T Bank 10 4.04% $9,360
    First Guaranty Mortgage Corporation 9 4.25% $10,251
    Associated Bank 9 5.04% $8,664
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 8 4.97% $8,749
    DATA MORTGAGE, INC. 8 5.39% $10,668
    KELLER MORTGAGE, LLC 8 4.47% $11,508
    NETWORK CAPITAL FUNDING CORPORATION 7 4.52% $12,281
    ZILLOW HOME LOANS, LLC 7 4.48% $11,551
    MANN FINANCIAL INC. 6 4.56% $9,710
    JPMorgan Chase Bank 6 5.02% $6,551
    CHURCHILL MORTGAGE CORPORATION 6 5.73% $10,696
    Neighborhood Loans, Inc. 6 6.52% $10,363
    HOMESIDE FINANCIAL, LLC 6 4.96% $11,667
    LOANPAL, LLC 6 4.58% $11,777
    DRAPER AND KRAMER MORTGAGE CORP. 5 6.72% $10,865
    LEADERONE FINANCIAL CORPORATION 5 4.50% $12,524
    First Bank & Trust 5 4.35% $8,921
    AMERICAN FINANCIAL RESOURCES, INC. 5 5.88% $9,843
    ALAMEDA MORTGAGE CORPORATION 5 5.98% $12,248
    FINANCE OF AMERICA MORTGAGE LLC 5 5.05% $11,739
    EMBRACE HOME LOANS, INC. 5 5.50% $11,715
    Sierra Pacific Mortgage Company, Inc. 4 5.22% $16,060
    Princeton Mortgage Corporation 4 3.31% $12,287
    Citizens Bank 4 3.97% $8,077
    Nations Lending Corporation 4 5.09% $11,783
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 4 4.16% $14,392
    COMPASS MORTGAGE, INC. 4 3.72% $12,221
    UNION HOME MORTGAGE CORP. 4 5.75% $17,538
    The Federal Savings Bank 4 4.38% $18,280
    MILEND, INC. 4 4.03% $13,324
    Century Mortgage Company DBA Century Lending Company 4 4.84% $9,719
    Academy Bank 3 3.08% $11,395
    MICHIGAN MUTUAL, INC. 3 4.96% $14,466
    SOVEREIGN LENDING GROUP INCORPORATED 3 3.38% $10,475
    MASON MCDUFFIE MORTGAGE CORPORATION 3 5.21% $11,818
    TOWNE MORTGAGE COMPANY 3 4.96% $11,636
    Heritage Bank 3 5.13% $12,416
    POLARIS HOME FUNDING CORP. 3 4.71% $14,543
    VILLAGE CAPITAL MORTGAGE 3 3.50% $4,732
    Wyndham Capital Mortgage, Inc. 3 5.08% $8,930
    EMM LOANS LLC 3 4.42% $10,915
    CRESCENT MORTGAGE COMPANY 3 5.96% $10,496
    CORTRUST MORTGAGE, INC. 3 4.17% $11,254
    GUILD MORTGAGE COMPANY 3 4.33% $7,632
    Bank Five Nine 3 4.21% $7,088
    North American Savings Bank, F.S.B. 3 5.50% $7,872
    First Western Bank & Trust 3 3.63% $8,480
    INLANTA MORTGAGE, INC. 3 5.75% $9,736
    BETTER MORTGAGE CORPORATION 3 4.67% $9,785
    GUARANTY HOME MORTGAGE CORPORATION 3 6.42% $14,929
    GENEVA FINANCIAL, LLC 3 5.21% $15,022
    DEVELOPER'S MORTGAGE COMPANY 2 5.31% $8,359
    PREMIA MORTGAGE, LLC 2 6.25% $9,989
    ACADEMY MORTGAGE CORPORATION 2 3.88% $7,219
    BankVista 2 4.31% $7,539
    Peoples Bank 2 4.75% $10,573
    Northpointe Bank 2 4.56% $8,383
    AmRes Corporation 2 4.12% $18,282
    AmeriHome Mortgage Company, LLC 2 4.25% $10,053
    Texana Bank 2 3.44% $10,677
    HANCOCK MORTGAGE PARTNERS, LLC 2 3.50% $8,689
    CHERRY CREEK MORTGAGE, LLC 2 5.50% $563
    CONTOUR MORTGAGE CORPORATION 2 5.31% $15,550
    LIBERTY HOME MORTGAGE CORPORATION 2 6.06% $14,282
    Amerifirst Financial, Inc. 2 5.06% $10,031
    First Option Mortgage, LLC 2 4.81% $10,669
    MYCUMORTGAGE, LLC 2 4.88% $11,894
    S1L, Inc. 2 4.25% $13,496
    NBKC BANK 2 4.75% $8,003
    THRIVE MORTGAGE, LLC 1 4.38% $19,777
    FLAT BRANCH MORTGAGE, INC. 1 6.75% $8,652
    Gateway First Bank 1 3.63% $4,814
    FIRST STATE MORTGAGE SERVICES, LLC 1 7.00% $7,624
    First Federal Bank 1 4.38% $10,876
    Home Federal Savings Bank 1 4.75% $10,724
    HOMESTAR FINANCIAL CORPORATION 1 6.75% $11,338
    HOMESTEAD FUNDING CORP. 1 4.13% $9,565
    FAY SERVICING, LLC 1 5.63% $7,706
    ENDEAVOR CAPITAL, LLC. 1 4.88% $11,147
    LENOX FINANCIAL MORTGAGE CORPORATION 1 3.75% $13,923
    Liberty Bank Minnesota 1 3.38% $9,806
    DELMAR FINANCIAL COMPANY 1 6.13% $17,682
    Loan Simple, Inc. 1 4.75% $13,431
    Magnolia Bank 1 2.75% $13,975
    Merchants Bank 1 3.53% $5,243
    DAS Acquisition Company, LLC 1 3.50% $6,974
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.75% $7,771
    Commerce Home Mortgage, Inc. 1 2.88% $13,595
    NFM, INC. 1 6.13% $6,439
    NP, Inc. 1 3.25% $8,426
    OCMBC, INC. 1 6.50% $13,284
    OPEN MORTGAGE, LLC 1 6.63% $9,903
    Chickasaw Community Bank 1 4.75% $15,634
    PHH Mortgage Corporation 1 5.13% $12,187
    CANOPY MORTGAGE, LLC 1 3.75% $6,419
    PLUS RELOCATION MORTGAGE, LLC 1 5.25% $13,539
    PNC Bank 1 5.00% $7,050
    CALCON MUTUAL MORTGAGE LLC 1 7.25% $15,944
    RELIANCE FIRST CAPITAL, LLC 1 4.88% $22,715
    RESIDENTIAL BANCORP 1 6.00% $11,633
    Auto Club Trust, FSB 1 4.75% $7,569
    ROYAL UNITED MORTGAGE LLC 1 4.38% $17,977
    Arvest Bank 1 6.50% $8,720
    SUCCESS MORTGAGE PARTNERS, INC. 1 2.99% $16,736
    Sunflower Bank 1 2.88% $5,825
    The Central Trust Bank 1 2.63% $7,876
    The Union Bank Company 1 5.13% $15,505
    FM Home Loans, LLC 1 3.00% $8,634
    TJC Mortgage, Inc. 1 4.75% $7,712
    Truist 1 5.25% $6,823
    V.I.P. MORTGAGE, INC. 1 5.75% $18,945

    The top Minneapolis FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 416 FHA loans originated. Their average total fees are $10,992, which is $163 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Minneapolis FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($6,911), Lakeview Community Capital, LLC ($6,982), LAKEVIEW LOAN SERVICING, LLC ($7,034), Mortgage Research Center, LLC ($7,887) and PULTE MORTGAGE LLC ($8,211).

    The lowest rate Minneapolis FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.66%), M&T Bank (4.04%), PENNYMAC LOAN SERVICES, LLC (4.09%), Lakeview Community Capital, LLC (4.17%) and DHI MORTGAGE COMPANY, LTD. (4.19%).

    Minneapolis FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ANOKA 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CARVER 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CHISAGO 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI DAKOTA 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI HENNEPIN 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ISANTI 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI LE SUEUR 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI MILLE LACS 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI RAMSEY 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SCOTT 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SHERBURNE 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WASHINGTON 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WRIGHT 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI PIERCE 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ST. CROIX 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ANOKA 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CARVER 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CHISAGO 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI DAKOTA 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI HENNEPIN 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ISANTI 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI LE SUEUR 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI MILLE LACS 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI RAMSEY 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SCOTT 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SHERBURNE 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WASHINGTON 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WRIGHT 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI PIERCE 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ST. CROIX 2023 $515,200 $659,550 $797,250 $990,800

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Minneapolis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $372,500 (11.4%) $496,424 (8.7%) 1.38 5,726
    2018-02-01 $387,000 (8.9%) $516,092 (7.2%) 1.41 5,893
    2018-03-01 $389,900 (8.3%) $516,464 (5.8%) 1.37 6,389
    2018-04-01 $384,950 (7.8%) $512,482 (6.7%) 1.31 6,911
    2018-05-01 $374,995 (6.8%) $500,104 (6.0%) 1.25 7,778
    2018-06-01 $369,900 (6.5%) $492,068 (7.1%) 1.23 8,832
    2018-07-01 $361,700 (6.4%) $479,678 (5.5%) 1.21 9,538
    2018-08-01 $350,000 (6.1%) $470,741 (5.9%) 1.17 10,113
    2018-09-01 $349,900 (4.5%) $465,376 (3.0%) 1.18 10,549
    2018-10-01 $354,495 (4.4%) $472,983 (3.5%) 1.20 10,486
    2018-11-01 $349,900 (0.0%) $464,446 (-0.1%) 1.19 9,574
    2018-12-01 $368,584 (0.3%) $483,511 (0.6%) 1.27 7,908
    2019-01-01 $380,879 (2.3%) $493,306 (-0.6%) 1.32 6,709
    2019-02-01 $389,700 (0.7%) $505,898 (-2.0%) 1.32 6,535
    2019-03-01 $382,894 (-1.8%) $496,813 (-3.8%) 1.25 7,505
    2019-04-01 $371,726 (-3.4%) $481,715 (-6.0%) 1.18 9,049
    2019-05-01 $364,500 (-2.8%) $474,443 (-5.1%) 1.14 10,340
    2019-06-01 $357,700 (-3.3%) $468,158 (-4.9%) 1.12 11,559
    2019-07-01 $351,950 (-2.7%) $463,627 (-3.4%) 1.10 11,801
    2019-08-01 $347,173 (-0.8%) $458,174 (-2.7%) 1.10 12,039
    2019-09-01 $343,082 (-2.0%) $455,244 (-2.2%) 1.10 12,195
    2019-10-01 $339,950 (-4.1%) $453,290 (-4.2%) 1.10 12,186
    2019-11-01 $345,900 (-1.1%) $457,521 (-1.5%) 1.13 10,684
    2019-12-01 $349,900 (-5.1%) $464,959 (-3.8%) 1.17 8,487
    2020-01-01 $362,739 (-4.8%) $481,913 (-2.3%) 1.21 7,383
    2020-02-01 $375,000 (-3.8%) $498,237 (-1.5%) 1.23 7,402
    2020-03-01 $375,473 (-1.9%) $499,402 (0.5%) 1.18 8,109
    2020-04-01 $369,900 (-0.5%) $484,182 (0.5%) 1.16 8,457
    2020-05-01 $369,990 (1.5%) $485,831 (2.4%) 1.12 9,212
    2020-06-01 $373,950 (4.5%) $494,296 (5.6%) 1.10 9,283
    2020-07-01 $369,900 (5.1%) $492,877 (6.3%) 1.07 8,757
    2020-08-01 $363,105 (4.6%) $486,793 (6.3%) 1.04 8,705
    2020-09-01 $356,456 (3.9%) $480,551 (5.6%) 1.02 8,553
    2020-10-01 $349,900 (2.9%) $466,799 (3.0%) 1.00 8,577
    2020-11-01 $348,738 (0.8%) $466,409 (1.9%) 1.02 7,293
    2020-12-01 $347,450 (-0.7%) $470,857 (1.3%) 1.03 5,844
    2021-01-01 $359,780 (-0.8%) $483,097 (0.3%) 1.07 4,701
    2021-02-01 $369,900 (-1.4%) $501,382 (0.6%) 1.08 4,324
    2021-03-01 $369,900 (-1.5%) $507,351 (1.6%) 1.05 4,497
    2021-04-01 $359,950 (-2.7%) $498,306 (2.9%) 0.97 4,810
    2021-05-01 $364,900 (-1.4%) $496,373 (2.2%) 0.97 5,103
    2021-06-01 $365,000 (-2.4%) $488,216 (-1.2%) 0.96 6,110
    2021-07-01 $364,900 (-1.4%) $475,498 (-3.5%) 0.96 6,811
    2021-08-01 $359,719 (-0.9%) $468,743 (-3.7%) 0.96 7,415
    2021-09-01 $350,638 (-1.6%) $460,235 (-4.2%) 0.94 7,839
    2021-10-01 $350,000 (0.0%) $458,431 (-1.8%) 0.93 7,628
    2021-11-01 $350,000 (0.4%) $457,303 (-2.0%) 0.94 6,599
    2021-12-01 $357,400 (2.9%) $463,182 (-1.6%) 0.97 5,102
    2022-01-01 $372,200 (3.5%) $484,681 (0.3%) 1.01 3,940
    2022-02-01 $399,547 (8.0%) $520,209 (3.8%) 1.04 3,395
    2022-03-01 $415,586 (12.4%) $539,055 (6.3%) 1.04 3,721
    2022-04-01 $417,990 (16.1%) $543,411 (9.1%) 1.00 4,061
    2022-05-01 $424,900 (16.4%) $544,745 (9.8%) 0.97 5,209
    2022-06-01 $422,400 (15.7%) $547,617 (12.2%) 0.94 6,071
    2022-07-01 $424,900 (16.4%) $547,783 (15.2%) 0.96 6,950
    2022-08-01 $419,960 (16.8%) $544,664 (16.2%) 0.97 7,057
    2022-09-01 $413,445 (17.9%) $538,784 (17.1%) 0.97 7,230
    2022-10-01 $405,450 (15.8%) $530,598 (15.7%) 0.95 7,442
    2022-11-01 $399,900 (14.3%) $524,520 (14.7%) 0.96 6,977
    2022-12-01 $400,000 (11.9%) $532,190 (14.9%) 0.99 5,592
    2023-01-01 $419,083 (12.6%) $540,600 (11.5%) 1.04 4,628
    2023-02-01 $434,995 (8.9%) $562,629 (8.2%) 1.05 4,204
    2023-03-01 $451,400 (8.6%) $580,262 (7.6%) 1.06 4,292
    2023-04-01 $450,000 (7.7%) $594,684 (9.4%) 1.05 4,645
    2023-05-01 $459,925 (8.2%) $604,001 (10.9%) 1.04 5,099
    2023-06-01 $460,000 (8.9%) $609,988 (11.4%) 1.03 5,784
    2023-07-01 $461,000 (8.5%) $613,087 (11.9%) 1.05 6,060
    2023-08-01 $452,495 (7.8%) $594,950 (9.2%) 1.04 6,275
    Minneapolis's median listing price for 2023-08-01 was $452,495, a difference of $32,535 (7.8%) versus the prior year and $-8,505 versus the prior month.

    Minneapolis's median listing price comes in at 104% of the national average.

    Minneapolis's average listing price for 2023-08-01 was $594,950, a difference of $50,286 (9.2%) versus the prior year and $-18,137 versus the prior month.

    For the 2023-08-01 period, Minneapolis had 6,275 MLS listings, a difference of 215 listings (4%) versus the prior month and -782 listings (-11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Minneapolis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 70 days 2,318 sqft
    2018-02-01 48 days 2,380 sqft
    2018-03-01 38 days 2,404 sqft
    2018-04-01 40 days 2,383 sqft
    2018-05-01 37 days 2,351 sqft
    2018-06-01 36 days 2,330 sqft
    2018-07-01 38 days 2,278 sqft
    2018-08-01 39 days 2,242 sqft
    2018-09-01 43 days 2,206 sqft
    2018-10-01 42 days 2,218 sqft
    2018-11-01 51 days 2,182 sqft
    2018-12-01 64 days 2,217 sqft
    2019-01-01 68 days 2,250 sqft
    2019-02-01 55 days 2,280 sqft
    2019-03-01 44 days 2,264 sqft
    2019-04-01 36 days 2,232 sqft
    2019-05-01 32 days 2,214 sqft
    2019-06-01 35 days 2,205 sqft
    2019-07-01 38 days 2,178 sqft
    2019-08-01 40 days 2,155 sqft
    2019-09-01 42 days 2,133 sqft
    2019-10-01 45 days 2,112 sqft
    2019-11-01 57 days 2,109 sqft
    2019-12-01 71 days 2,116 sqft
    2020-01-01 65 days 2,131 sqft
    2020-02-01 44 days 2,182 sqft
    2020-03-01 33 days 2,197 sqft
    2020-04-01 37 days 2,168 sqft
    2020-05-01 40 days 2,157 sqft
    2020-06-01 39 days 2,159 sqft
    2020-07-01 39 days 2,113 sqft
    2020-08-01 36 days 2,076 sqft
    2020-09-01 36 days 2,007 sqft
    2020-10-01 37 days 1,957 sqft
    2020-11-01 45 days 1,918 sqft
    2020-12-01 54 days 1,885 sqft
    2021-01-01 54 days 1,866 sqft
    2021-02-01 39 days 1,868 sqft
    2021-03-01 31 days 1,900 sqft
    2021-04-01 29 days 1,900 sqft
    2021-05-01 30 days 1,900 sqft
    2021-06-01 29 days 1,921 sqft
    2021-07-01 30 days 1,918 sqft
    2021-08-01 31 days 1,903 sqft
    2021-09-01 33 days 1,880 sqft
    2021-10-01 37 days 1,860 sqft
    2021-11-01 42 days 1,821 sqft
    2021-12-01 50 days 1,818 sqft
    2022-01-01 57 days 1,824 sqft
    2022-02-01 33 days 2,172 sqft
    2022-03-01 29 days 2,206 sqft
    2022-04-01 28 days 2,260 sqft
    2022-05-01 24 days 2,004 sqft
    2022-06-01 29 days 2,019 sqft
    2022-07-01 32 days 2,040 sqft
    2022-08-01 37 days 2,028 sqft
    2022-09-01 41 days 2,007 sqft
    2022-10-01 39 days 2,000 sqft
    2022-11-01 46 days 1,965 sqft
    2022-12-01 57 days 1,952 sqft
    2023-01-01 59 days 1,947 sqft
    2023-02-01 48 days 1,971 sqft
    2023-03-01 38 days 2,026 sqft
    2023-04-01 37 days 2,050 sqft
    2023-05-01 31 days 2,089 sqft
    2023-06-01 31 days 2,136 sqft
    2023-07-01 36 days 2,153 sqft
    2023-08-01 37 days 2,130 sqft
    Minneapolis's median listing age (time on market) for 2023-08-01 was 37 days. This is 0% longer than the same period one year ago.

    Minneapolis's median square footage for active listings during the 2023-08-01 period was 2,130 sqft. One year prior, the average listing was 2,028 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).