Near North, Minneapolis, MN—55411
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Near North, Minneapolis, MN
As of Oct '25, the median home price in Near North, Minneapolis, MN is $233,000, with a year-over-year change of 1.0%. This indicates that home prices in Near North, Minneapolis, MN are flat. According to Zillow, the 1-year price projection is -0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $233,000 | 1.0% |
| Single Family | $234,000 | 0.9% |
| Condos | $192,000 | 0.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $187,000 | 0.5% |
3 Bed | $232,000 | 0.4% |
4 Bed | $258,000 | 1.6% |
| 5 Bed | $274,000 | 1.9% |
% of Housing Stock
Rental Trends — Near North, Minneapolis, MN
As of July '25, Rentcast reports the average rent in Near North, Minneapolis, MN is $1,970, with a year-over-year rent change of 7.1%. Per bedroom, the median rent as of July '25 in Near North, Minneapolis, MN is studios: $1,270, 1-bedrooms: $1,020, 2-bedrooms: $1,430, 3-bedrooms: $1,860, 4-bedrooms: $2,340. The most common rental property sizes in Near North, Minneapolis, MN are 2-bedroom and 1-bedroom, accounting for 27.8% and 25.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,850 | $1,970 |
| Studio Rent | $612 | $1,270 |
| 1 Bed Rent | $900 | $1,020 |
| 2 Bed Rent | $1,500 | $1,430 |
| 3 Bed Rent | $1,800 | $1,860 |
| 4 Bed Rent | $2,400 | $2,340 |
% of Rental Stock
Property Listings — Near North, Minneapolis, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Near North, Minneapolis, MN is 40. This is a increase of 8.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $240,000 | 4.0% |
Listing Count | 78 | 2.0% |
| Listings as % of Homes | 0.6% | 2.0% |
Days on Market | 40 | 8.0% |
Demographics — Near North, Minneapolis, MN
As of the latest ACS Survey released in 2023, Near North, Minneapolis, MN has a population of 29,700, which has decreased by -6.7% over the past 5 years. Near North, Minneapolis, MN is a popular place for families, as children make up 34.8% of the population. The area has a poorly educated workforce, with 23.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 29,700 | -6.7% |
% Under 18 | 34.8% | -2.8% |
% Seniors | 8.6% | 34.4% |
% WFH | 10.9% | 172.5% |
% w/ College Degree | 23.1% | 6.0% |
As of the latest ACS Survey released in 2023, Near North, Minneapolis, MN is a predominantly black area, with 49.8% of the population identifying as black. The black population has shrunk by 1.0% in the last 5 years. The second most common race or ethnicity in Near North, Minneapolis, MN is white, making up 23.3% of the population. Foreign-born residents account for 19.4% of the population in Near North, Minneapolis, MN, and this percentage has decreased by 0.5% 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 | 23.3% | 44.7% |
% Black | 49.8% | -1.0% |
% Hispanic | 10.7% | -0.9% |
% Asian | 9.5% | -39.9% |
% Foreign Born | 19.4% | -0.5% |
Mortgage and Risk — Near North, Minneapolis, MN
According to HUD data as of 2023, there were 459 mortgage originations in Near North, Minneapolis, MN, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Near North, Minneapolis, MN. Investor activity is low, as 8.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 459 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 8.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Near North, Minneapolis, MN
As of 2024, the percent of homes in Near North, Minneapolis, MN under the Section 8 program is 32.0%. 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 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Near North, Minneapolis, MN, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 2,308 |
Total Units Section 8 | 1,533 |
% Rentals under Section 8 | 32.0% |
% Occupied Section 8 | 87.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $300 | $900 | $1,200 |
| 2 Bedroom | -$40 | $1,500 | $1,460 |
| 3 Bedroom | $170 | $1,800 | $1,970 |
| 4 Bedroom | -$160 | $2,400 | $2,240 |
Affordability — Near North, Minneapolis, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.3 |
| Median Home Price | $233,000 |
| Median Household Income | $53,400 |