Phillips, Minneapolis, MN—55404
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Phillips, Minneapolis, MN
As of Oct '25, the median home price in Phillips, Minneapolis, MN is $234,000, with a year-over-year change of -2.5%. This indicates that home prices in Phillips, Minneapolis, MN are decreasing. According to Zillow, the 1-year price projection is -0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $234,000 | -2.5% |
| Single Family | $273,000 | -2.2% |
| Condos | $208,000 | -2.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $172,000 | -1.7% |
2 Bed | $265,000 | -2.6% |
3 Bed | $273,000 | -1.8% |
4 Bed | $283,000 | -2.4% |
| 5 Bed | $395,000 | 0.0% |
% of Housing Stock
Rental Trends — Phillips, Minneapolis, MN
As of July '25, Rentcast reports the average rent in Phillips, Minneapolis, MN is $1,470, with a year-over-year rent change of 6.5%. Per bedroom, the median rent as of July '25 in Phillips, Minneapolis, MN is studios: $908, 1-bedrooms: $1,230, 2-bedrooms: $1,880, 3-bedrooms: $2,150, 4-bedrooms: $2,070. The most common rental property sizes in Phillips, Minneapolis, MN are 1-bedroom and studio, accounting for 37.8% and 25.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,210 | $1,470 |
| Studio Rent | $875 | $908 |
| 1 Bed Rent | $1,050 | $1,230 |
| 2 Bed Rent | $1,720 | $1,880 |
| 3 Bed Rent | $2,050 | $2,150 |
| 4 Bed Rent | $1,800 | $2,070 |
% of Rental Stock
Property Listings — Phillips, Minneapolis, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Phillips, Minneapolis, MN is 88. This is a increase of 46.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $212,000 | -8.0% |
Listing Count | 66 | -13.0% |
| Listings as % of Homes | 0.3% | -13.0% |
Days on Market | 88 | 46.0% |
Demographics — Phillips, Minneapolis, MN
As of the latest ACS Survey released in 2023, Phillips, Minneapolis, MN has a population of 28,100, which has increased by 3.2% over the past 5 years. Phillips, Minneapolis, MN is a moderately popular place for families, as children make up 20.7% of the population. The area has a moderately educated workforce, with 34.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,100 | 3.2% |
% Under 18 | 20.7% | -1.0% |
% Seniors | 9.7% | -4.9% |
% WFH | 16.3% | 307.5% |
% w/ College Degree | 34.6% | 16.1% |
As of the latest ACS Survey released in 2023, Phillips, Minneapolis, MN is a predominantly white area, with 36.2% of the population identifying as white. The white population has shrunk by 4.2% in the last 5 years. The second most common race or ethnicity in Phillips, Minneapolis, MN is black, making up 32.5% of the population. Foreign-born residents account for 24.2% of the population in Phillips, Minneapolis, MN, and this percentage has decreased by 18.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 36.2% | -4.2% |
% Black | 32.5% | -17.1% |
% Hispanic | 19.8% | 61.0% |
% Asian | 3.8% | -17.4% |
% Foreign Born | 24.2% | -18.5% |
Mortgage and Risk — Phillips, Minneapolis, MN
According to HUD data as of 2023, there were 96 mortgage originations in Phillips, Minneapolis, MN, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Phillips, Minneapolis, MN. Investor activity is low, as 10.0% of loans were by investors. 1.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 96 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 10.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 1.0% |
Loan Activity
Rentals and Section 8 — Phillips, Minneapolis, MN
As of 2024, the percent of homes in Phillips, Minneapolis, MN under the Section 8 program is 16.3%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Phillips, Minneapolis, MN, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 3,129 |
Total Units Section 8 | 1,660 |
% Rentals under Section 8 | 16.3% |
% Occupied Section 8 | 87.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $200 | $1,050 | $1,250 |
| 2 Bedroom | -$190 | $1,720 | $1,530 |
| 3 Bedroom | -$10 | $2,050 | $2,040 |
| 4 Bedroom | $480 | $1,800 | $2,280 |
Affordability — Phillips, Minneapolis, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.6 |
| Median Home Price | $234,000 |
| Median Household Income | $43,900 |