Minneapolis FHA Loan Rates, Closing Costs & Stats

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI

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 171 lenders originated 5,584 FHA loans during 2023. The total origination value was $1,732,420,000, with an average FHA loan value of $310,247.

Minneapolis FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Minneapolis averaged 6.78% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Minneapolis's average FHA mortgage closing costs are $8,709.

The average rate for the prior week (2024-04-05) was 6.7% and one month ago for the week of 2024-03-08, the average rate was 6.64%.

The average rate one year ago was 6.17%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.01%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 517 6.38% $13,914
QUICKEN LOANS, LLC 362 6.24% $12,802
CROSSCOUNTRY MORTGAGE, LLC 275 6.73% $12,648
LOANDEPOT.COM, LLC 255 6.49% $13,084
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 231 6.76% $11,899
BROKER SOLUTIONS, INC. 229 6.75% $13,945
Bell Bank 150 6.44% $12,538
BAY EQUITY LLC 129 6.65% $12,077
PENNYMAC LOAN SERVICES, LLC 123 6.25% $13,903
MOVEMENT MORTGAGE, LLC 122 6.58% $12,061
Royal Credit Union 121 6.54% $12,158
EVERETT FINANCIAL, INC. 120 6.75% $11,800
EAGLE HOME MORTGAGE, LLC 111 5.57% $12,830
DHI MORTGAGE COMPANY, LTD. 91 5.63% $7,950
Summit Mortgage Corporation 84 6.67% $12,061
American Mortgage & Equity Consultants, Inc. 84 6.94% $13,411
CARDINAL FINANCIAL 78 6.49% $14,724
GUARANTEED RATE, INC. 75 6.44% $13,001
Prosperity Home Mortgage, LLC 73 6.61% $11,317
FREEDOM MORTGAGE CORPORATION 64 6.86% $15,769
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 64 6.51% $10,977
M/I FINANCIAL, LLC 55 5.85% $16,670
Paramount Residential Mortgage Group, Inc. 55 7.05% $13,668
GUARANTEED RATE AFFINITY, LLC 53 6.74% $13,208
Century Mortgage Company DBA Century Lending Company 49 6.35% $10,802
Cambria Financial Group, LLC 48 6.83% $12,741
AMERICAN PACIFIC MORTGAGE CORPORATION 47 6.60% $13,619
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 47 6.73% $12,872
Flagstar Bank, FSB 45 6.69% $11,545
AMERISAVE MORTGAGE CORPORATION 44 6.17% $15,653
Plains Commerce Bank 44 6.66% $12,801
NEWREZ LLC 40 6.51% $12,792
Barrington Bank & Trust Company, N.A. 38 6.67% $12,972
Goldwater Bank, N.A. 37 6.32% $12,532
PLAZA HOME MORTGAGE, INC. 37 6.16% $14,486
Mr. Cooper ( Nationstar Mortgage ) 36 6.11% $17,902
Tradition Mortgage, LLC 36 6.37% $13,059
U.S. Bank 36 6.66% $10,001
Ixonia Bank 35 7.03% $11,593
Alerus Financial 35 6.55% $9,133
AMERICAN FINANCIAL NETWORK, INC. 32 6.61% $14,340
CMG MORTGAGE, INC. 31 7.06% $13,118
MEGASTAR FINANCIAL CORP. 29 6.74% $10,849
SWBC MORTGAGE CORPORATION 29 6.80% $10,565
PULTE MORTGAGE LLC 28 5.81% $8,789
The Huntington National Bank 28 6.74% $9,437
Bank of England 25 6.81% $11,074
MUTUAL OF OMAHA MORTGAGE, INC. 24 6.53% $14,455
Neighborhood Loans, Inc. 24 6.97% $11,549
UNION HOME MORTGAGE CORP. 21 7.23% $12,072
Nations Lending Corporation 20 6.69% $11,643
Carrington Mortgage Services, LLC 19 6.43% $13,801
Waterstone Mortgage Corporation 18 6.72% $14,653
Mortgages Unlimited Inc. 17 6.17% $11,477
DRAPER AND KRAMER MORTGAGE CORP. 16 6.72% $9,891
PRIMELENDING, A PLAINSCAPITAL COMPANY 16 6.81% $12,635
ARK-LA-TEX FINANCIAL SERVICES, LLC. 16 6.43% $13,916
Servion, Inc. 16 6.57% $10,044
CITY FIRST MORTGAGE SERVICES, L.L.C. 16 6.94% $13,028
ZILLOW HOME LOANS, LLC 15 6.33% $12,325
LAKEVIEW LOAN SERVICING, LLC 15 5.84% $12,260
PLANET HOME LENDING, LLC 14 6.40% $10,281
Equity Prime Mortgage LLC 14 7.08% $16,312
Sierra Pacific Mortgage Company, Inc. 11 6.80% $13,635
EMM LOANS LLC 11 5.85% $15,021
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 10 6.61% $15,963
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 10 6.35% $12,813
MID AMERICA MORTGAGE, INC. 10 7.13% $7,754
SUN WEST MORTGAGE COMPANY, INC. 10 6.37% $12,547
MILEND, INC. 8 6.02% $16,413
AXIA FINANCIAL, LLC 8 6.41% $12,332
Wells Fargo Bank 8 6.64% $9,504
Mortgage Research Center, LLC 8 6.70% $10,567
HOMESIDE FINANCIAL, LLC 7 6.68% $13,118
AMERICAN FINANCIAL RESOURCES, INC. 7 6.84% $14,085
Associated Bank 7 6.34% $8,719
CORTRUST MORTGAGE, INC. 7 6.48% $10,521
DATA MORTGAGE, INC. 7 7.27% $14,000
CALIBER HOME LOANS, INC. 7 6.77% $10,911
MASON MCDUFFIE MORTGAGE CORPORATION 7 6.32% $14,574
LOANPAL, LLC 6 5.98% $18,410
The Federal Savings Bank 6 6.54% $17,417
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.38% $14,179
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.65% $11,126
TOWNE MORTGAGE COMPANY 6 6.89% $13,215
PHH Mortgage Corporation 6 6.77% $11,293
HOMEOWNERS FINANCIAL GROUP USA, LLC 5 6.35% $9,915
LAND HOME FINANCIAL SERVICES, INC. 5 7.10% $15,506
LEADERONE FINANCIAL CORPORATION 5 6.83% $12,185
Citizens Bank 5 6.83% $12,768
VILLAGE CAPITAL MORTGAGE 5 6.00% $12,657
TOP FLITE FINANCIAL, INC. 4 7.03% $14,729
CRESCENT MORTGAGE COMPANY 4 6.84% $12,207
CORNERSTONE HOME LENDING, INC. 4 6.66% $10,170
CHURCHILL MORTGAGE CORPORATION 4 6.53% $12,344
GUILD MORTGAGE COMPANY 4 6.72% $8,973
First Bank & Trust 4 6.00% $11,625
OCMBC, INC. 4 7.50% $13,139
AMERICAN FINANCING CORPORATION 4 6.15% $16,072
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 6.81% $21,825
Bank of America 3 6.92% $6,258
AMERICAN PORTFOLIO MORTGAGE CORPORATION 3 6.29% $11,801
Armed Forces Bank 3 6.25% $12,233
Bremer Bank 3 6.92% $9,127
COMPASS MORTGAGE, INC. 3 6.54% $10,861
JPMorgan Chase Bank 3 6.46% $6,919
NBKC BANK 3 6.17% $9,637
V.I.P. MORTGAGE, INC. 3 6.54% $13,523
Gate City Bank 2 6.38% $8,921
CANOPY MORTGAGE, LLC 2 6.06% $22,294
KELLER MORTGAGE, LLC 2 5.00% $13,344
The Union Bank Company 2 6.31% $12,978
THRIVE MORTGAGE, LLC 2 6.63% $13,263
POLARIS HOME FUNDING CORP. 2 6.38% $12,755
BNC National Bank 2 5.06% $16,172
MANN FINANCIAL INC. 2 6.88% $12,231
OCEANSIDE MORTGAGE COMPANY 2 6.19% $6,648
BETTER MORTGAGE CORPORATION 2 5.44% $10,135
GUARANTY HOME MORTGAGE CORPORATION 2 5.81% $14,861
JMAC LENDING, INC. 2 6.94% $14,136
SUMMIT FUNDING, INC. 2 6.63% $15,309
GREENSTATE CREDIT UNION 2 6.13% $10,312
AmeriHome Mortgage Company, LLC 2 7.13% $8,182
LIBERTY HOME MORTGAGE CORPORATION 2 6.63% $15,428
Heritage Bank 2 7.19% $11,461
The Central Trust Bank 2 6.88% $6,973
M&T Bank 2 6.50% $11,246
NATIONS DIRECT MORTGAGE, LLC 2 6.75% $12,852
GENEVA FINANCIAL, LLC 1 7.25% $8,374
RESIDENTIAL BANCORP 1 5.75% $10,751
RUOFF MORTGAGE COMPANY, INC. 1 5.50% $20,255
Fifth Third Bank 1 6.50% $5,552
ENDEAVOR CAPITAL, LLC. 1 6.88% $13,408
SouthPoint Bank 1 7.25% $7,202
SOVEREIGN LENDING GROUP INCORPORATED 1 5.75% $16,394
SUCCESS MORTGAGE PARTNERS, INC. 1 6.99% $19,682
EMBRACE HOME LOANS, INC. 1 5.99% $16,168
CONTOUR MORTGAGE CORPORATION 1 6.50% $13,321
CHERRY CREEK MORTGAGE, LLC 1 5.50% $9,313
CAPITAL CREDIT UNION 1 5.75% $17,616
The Loan Store, Inc. 1 6.38% $10,588
TJC Mortgage, Inc. 1 6.75% $11,765
TOTAL MORTGAGE SERVICES, LLC 1 6.38% $11,989
BMO Harris Bank 1 6.88% $9,107
BANKWEST, INC. 1 5.25% $13,762
Academy Bank 1 6.63% $9,530
Axos Bank 1 6.13% $9,224
Ameris Bank 1 6.25% $21,462
ACADEMY MORTGAGE CORPORATION 1 6.75% $19,062
Watermark Capital, Inc. 1 6.75% $9,798
American Bank of Oklahoma 1 6.13% $20,730
MYCUMORTGAGE, LLC 1 7.13% $8,014
Merchants Bank 1 6.13% $10,280
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.99% $8,852
ALAMEDA MORTGAGE CORPORATION 1 6.63% $9,211
NEW DAY FINANCIAL, LLC 1 7.99% $6,403
Loan Simple, Inc. 1 7.75% $12,688
NexBank 1 6.38% $21,948
NFM, INC. 1 8.25% $11,673
North American Savings Bank, F.S.B. 1 6.63% $12,866
North Shore Bank of Commerce 1 6.63% $11,333
Old National Bank 1 6.50% $8,190
ON Q FINANCIAL, INC. 1 6.13% $7,943
Lakeview Community Capital, LLC 1 6.25% $11,267
PENTAGON FEDERAL CREDIT UNION 1 6.13% $7,618
JMJ FINANCIAL GROUP 1 6.75% $10,935
Home Federal Savings Bank 1 6.25% $7,015
PLUS RELOCATION MORTGAGE, LLC 1 6.75% $14,111
PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.75% $12,723
Gulf Coast Bank and Trust Company 1 6.25% $10,919
GSF Mortgage Corporation 1 7.13% $11,242

The top Minneapolis FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 517 FHA loans originated. Their average total fees are $13,914, which is $1,113 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Minneapolis FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($7,754), DHI MORTGAGE COMPANY, LTD. ($7,950), PULTE MORTGAGE LLC ($8,789), Alerus Financial ($9,133) and The Huntington National Bank ($9,437).

The lowest rate Minneapolis FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.57%), DHI MORTGAGE COMPANY, LTD. (5.63%), PULTE MORTGAGE LLC (5.81%), LAKEVIEW LOAN SERVICING, LLC (5.84%) and M/I FINANCIAL, LLC (5.85%).

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%) $496,423 (8.7%) 1.38 5,726
2018-02-01 $387,000 (8.9%) $516,058 (7.2%) 1.41 5,893
2018-03-01 $389,900 (8.3%) $516,496 (5.8%) 1.37 6,389
2018-04-01 $384,950 (7.8%) $512,453 (6.7%) 1.31 6,911
2018-05-01 $374,995 (6.9%) $500,089 (6.0%) 1.25 7,779
2018-06-01 $369,900 (6.5%) $492,041 (7.1%) 1.23 8,833
2018-07-01 $361,700 (6.4%) $479,689 (5.5%) 1.21 9,538
2018-08-01 $350,000 (6.1%) $470,751 (5.9%) 1.17 10,113
2018-09-01 $349,900 (4.5%) $465,387 (3.0%) 1.18 10,549
2018-10-01 $354,495 (4.4%) $472,994 (3.5%) 1.20 10,486
2018-11-01 $349,900 (0.0%) $464,458 (-0.1%) 1.19 9,574
2018-12-01 $368,667 (0.3%) $483,557 (0.6%) 1.27 7,907
2019-01-01 $380,929 (2.3%) $493,333 (-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%) $474,441 (-5.1%) 1.14 10,340
2019-06-01 $357,700 (-3.3%) $468,133 (-4.9%) 1.12 11,561
2019-07-01 $351,950 (-2.7%) $463,626 (-3.4%) 1.10 11,801
2019-08-01 $347,173 (-0.8%) $458,175 (-2.7%) 1.10 12,038
2019-09-01 $343,082 (-2.0%) $455,244 (-2.2%) 1.10 12,194
2019-10-01 $339,950 (-4.1%) $453,290 (-4.2%) 1.10 12,185
2019-11-01 $345,900 (-1.1%) $457,522 (-1.5%) 1.13 10,683
2019-12-01 $349,900 (-5.1%) $464,979 (-3.8%) 1.17 8,485
2020-01-01 $362,518 (-4.8%) $481,918 (-2.3%) 1.21 7,382
2020-02-01 $375,000 (-3.8%) $498,243 (-1.5%) 1.23 7,401
2020-03-01 $375,450 (-1.9%) $499,407 (0.5%) 1.18 8,108
2020-04-01 $369,900 (-0.5%) $484,185 (0.5%) 1.16 8,456
2020-05-01 $369,990 (1.5%) $485,863 (2.4%) 1.12 9,212
2020-06-01 $373,883 (4.5%) $494,287 (5.6%) 1.10 9,282
2020-07-01 $369,900 (5.1%) $492,865 (6.3%) 1.07 8,757
2020-08-01 $363,000 (4.6%) $486,771 (6.2%) 1.04 8,706
2020-09-01 $356,330 (3.9%) $480,528 (5.6%) 1.02 8,554
2020-10-01 $349,900 (2.9%) $466,776 (3.0%) 1.00 8,578
2020-11-01 $348,738 (0.8%) $466,409 (1.9%) 1.02 7,293
2020-12-01 $347,450 (-0.7%) $470,820 (1.3%) 1.03 5,845
2021-01-01 $359,735 (-0.8%) $483,064 (0.2%) 1.07 4,702
2021-02-01 $369,900 (-1.4%) $501,344 (0.6%) 1.08 4,325
2021-03-01 $369,900 (-1.5%) $507,313 (1.6%) 1.05 4,498
2021-04-01 $359,950 (-2.7%) $498,289 (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 $359,753 (-0.9%) $468,737 (-3.7%) 0.96 7,416
2021-09-01 $350,825 (-1.5%) $460,229 (-4.2%) 0.94 7,840
2021-10-01 $350,000 (0.0%) $458,431 (-1.8%) 0.93 7,629
2021-11-01 $350,000 (0.4%) $457,302 (-2.0%) 0.94 6,600
2021-12-01 $357,400 (2.9%) $463,180 (-1.6%) 0.97 5,103
2022-01-01 $372,500 (3.6%) $484,674 (0.3%) 1.01 3,941
2022-02-01 $399,643 (8.0%) $520,193 (3.8%) 1.04 3,396
2022-03-01 $415,677 (12.4%) $539,037 (6.3%) 1.04 3,722
2022-04-01 $418,000 (16.1%) $543,451 (9.1%) 1.00 4,062
2022-05-01 $424,900 (16.4%) $544,780 (9.8%) 0.97 5,209
2022-06-01 $422,400 (15.7%) $547,605 (12.2%) 0.94 6,072
2022-07-01 $424,900 (16.4%) $547,772 (15.2%) 0.96 6,951
2022-08-01 $419,978 (16.7%) $544,659 (16.2%) 0.97 7,057
2022-09-01 $413,445 (17.9%) $538,784 (17.1%) 0.97 7,230
2022-10-01 $405,900 (16.0%) $530,609 (15.7%) 0.96 7,442
2022-11-01 $399,900 (14.3%) $524,529 (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 (12.5%) $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 (7.7%) 1.06 4,292
2023-04-01 $450,000 (7.7%) $594,539 (9.4%) 1.05 4,644
2023-05-01 $459,913 (8.2%) $603,832 (10.8%) 1.04 5,099
2023-06-01 $460,000 (8.9%) $609,965 (11.4%) 1.03 5,785
2023-07-01 $461,000 (8.5%) $613,087 (11.9%) 1.05 6,060
2023-08-01 $452,495 (7.7%) $594,950 (9.2%) 1.04 6,275
2023-09-01 $445,000 (7.6%) $581,868 (8.0%) 1.04 6,970
2023-10-01 $431,470 (6.3%) $570,780 (7.6%) 1.02 7,155
2023-11-01 $420,498 (5.2%) $567,988 (8.3%) 1.00 6,923
2023-12-01 $420,380 (5.1%) $573,902 (7.8%) 1.03 5,736
2024-01-01 $425,000 (1.4%) $583,354 (7.9%) 1.04 4,932
2024-02-01 $434,400 (-0.1%) $597,961 (6.3%) 1.05 4,893
2024-03-01 $444,990 (-1.4%) $605,876 (4.4%) 1.05 5,334
Minneapolis's median listing price for 2024-03-01 was $444,990, a difference of $-6,410 (-1.4%) versus the prior year and $10,590 versus the prior month.

Minneapolis's median listing price comes in at 105% of the national average.

Minneapolis's average listing price for 2024-03-01 was $605,876, a difference of $25,614 (4.4%) versus the prior year and $7,915 versus the prior month.

For the 2024-03-01 period, Minneapolis had 5,334 MLS listings, a difference of 441 listings (9%) versus the prior month and 1,042 listings (24%) 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 2,319 sqft
2018-02-01 48 days 2,380 sqft
2018-03-01 38 days 2,405 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 2,218 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 2,204 sqft
2019-07-01 38 days 2,178 sqft
2019-08-01 40 days 2,155 sqft
2019-09-01 43 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 1,956 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 2,171 sqft
2022-03-01 29 days 2,205 sqft
2022-04-01 29 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 2,027 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 1,953 sqft
2023-01-01 59 days 1,947 sqft
2023-02-01 48 days 1,972 sqft
2023-03-01 38 days 2,025 sqft
2023-04-01 37 days 2,049 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
2023-09-01 36 days 2,088 sqft
2023-10-01 38 days 2,051 sqft
2023-11-01 44 days 2,016 sqft
2023-12-01 55 days 1,983 sqft
2024-01-01 57 days 1,963 sqft
2024-02-01 37 days 1,963 sqft
2024-03-01 34 days 2,007 sqft
Minneapolis's median listing age (time on market) for 2024-03-01 was 34 days. This is -11% shorter than the same period one year ago.

Minneapolis's median square footage for active listings during the 2024-03-01 period was 2,007 sqft. One year prior, the average listing was 2,025 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).