Minneapolis home prices rose proportionally less over 5 years than many other U.S. metros, price tracker shows
MINNEAPOLIS — The price of housing in Minneapolis rose less over the last five years compared to other metro areas around the U.S.
According to a CBS News price tracker, the cost of the typical home in Minneapolis increased by $79,125, from $295,269 in Oct. 2019 to $374,394 this October.
That's less than other areas around the Midwest. The cost in Green Bay rose over $112,000 over the last five years. Sioux Falls, South Dakota saw a price jump of over $100,000, and in Chicago, the increase was over $85,000.
It's also less than some of the biggest cities in the U.S. The cost of a home in New York, New York jumped over $177,000 in the last five years, and Los Angeles saw an increase of over $295,000.
The typical cost for a Minneapolis home in Oct. 2019 was well above the $242,717 median cost of a home in the U.S, according to data from Zillow.
As of the end of October, Minneapolis was much closer to, but still above, Zillow's average home price of $359,099.
The highest cost of a typical home, according to the price tracker, is in San Jose, California at $1,595,389. The lowest is in Charleston, West Virginia with a typical cost of $144,755.
Average rent prices in Minneapolis have increased $250 in the last five years, from $1,414 to $1,664. That, again, represents a smaller proportional increase compared to many of the other cities in the CBS News price tracker. For instance, the two cities closest to Minneapolis's current average rent – Gainesville, Florida and Richmond, Virginia – saw rent prices closer to $1,180 per month back in 2019.
Among other cities that were sitting near Minneapolis's 2019 average rent prices, Colorado Springs, Colorado is now averaging $1,867 per month, or $200 more than Minneapolis. A number of cities in Florida, such as Coral Gables and Tampa – both of which ranked below Minneapolis in average monthly rent – are now sitting above $2,000 in rental price.
The price tracker uses data from Zillow, which deeply studies home sales prices, rents and other housing costs using a combination of the listings on its own sites, public records and economic trends.