Minneapolis' population is 3.6M, with a total workforce of 2.0M. The labor market grew by 33,400 jobs over the past year, up by 1.7%. The median household income in Minneapolis is $75,261, 2.8% higher than last year and 22.6% above the national average of $61,372. In the housing market, total permits issued totaled 17,754 over the last twelve months, up 12.9% year-over-year.
Minneapolis has 394 active new home projects on the market, 4.1% fewer than the 411 from last year. The average list price in the market is $478,307, 13.4% higher than last year and 49.4% above the national average. Over the last three months, new home contracts increased by 10.6% to 1,278. Woodbury and Lakeville had the highest concentration of the new home contracts in the Minneapolis market.