Minneapolis, MN 55408 Real Estate Market Report

ZIP Code: 55408
Report Date: March 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of March 2026, the real estate market in Minneapolis, MN (ZIP: 55408) is characterized by a median sold price of $420,000, reflecting stable demand and a slight appreciation in home values. The neighborhood has seen an upward trend in prices, suggesting a resilient market despite broader economic fluctuations. The median listing price stands at $500,000, indicating a notable gap between seller expectations and actual transaction values, which may create pricing friction for potential buyers.

Market activity appears to be moderate, with 325 median days on market indicating slower sales velocity. This extended timeframe may suggest elevated inventory levels relative to sales activity, contributing to a more balanced market environment. The median market rent has also risen to $2,120, reflecting strong rental demand driven by local economic investments, further supporting the overall market stability.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Minneapolis market average around 6.11% as of mid-March 2026, which is 0.54% lower than the 6.65% average from one year ago.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The median sold price of $420,000 indicates a stable market with slight appreciation in home values.

2. With a median listing price of $500,000, there is a significant gap between asking prices and sold prices, suggesting potential pricing friction.

3. The median days on market of 325 points to slower sales velocity, indicating a more balanced market environment.

4. Rental demand remains strong, with a median market rent of $2,120, supporting the overall stability of the housing market.

5. Current interest rate pressure is elevated, with mortgage rates averaging 6.11%, which may impact buyer affordability and market dynamics.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.