The story of this market
The typical home in ZIP 55402 sells for about $375,000, or $315 per square foot.
Prices are down 2.1% from a year ago, which gives buyers more room to negotiate. Homes take about 65 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,638 a month.
ZIP 55402 — Minneapolis
The 55402 housing market is a niche, high-density urban environment characterized by a high renter share and limited single-family inventory. Market conditions remain stable with prices reflecting the downtown core's unique lifestyle appeal. Figures for specific metrics like months of supply are estimated based on current active listing counts relative to recent sales velocity.
This ZIP is best suited for young professionals, urban commuters, and those seeking a high-density lifestyle with immediate access to downtown employment and entertainment.
Median prices moved down 2.1% year over year.
Homes spend a median of 65 days on market with 5.2 months of supply — a balanced-paced market.
12% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.5% · poverty 16.0% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 3.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 55402, Hennepin County MN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
The area experiences higher rates of property and violent crime typical of a dense urban downtown core compared to suburban Hennepin County.
Public schools serving this downtown core are part of Minneapolis Public Schools, which face significant challenges regarding performance metrics and enrollment stability.
The area is primarily urban with low risk for wildfire; flood risk is minimal due to the high-density concrete environment and municipal drainage infrastructure.
Development is focused on high-density mixed-use residential and commercial projects, anchored by major corporate headquarters in the Minneapolis central business district.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Minnesota) — Condominium Unit Taxation: Each unit constitutes a separate parcel for tax purposes. If a declaration is recorded at least 30 days before a tax installment is due, the taxing authority must split the taxes among the units. State (Minnesota) — Minnesota General Property Tax Classification System: Property tax is calculated by applying a class rate to the parcel's estimated market value to determine tax capacity, then multiplying by the local tax rate. For residential homesteads (Class 1a), the rate is 1.00% for the first $500,000 of market value and 1.
Residents benefit from excellent walkability and extensive access to the Minneapolis Skyway system, light rail, and major bus transit hubs serving the metro employment core.
The area features immediate access to the Mississippi River waterfront, numerous downtown parks like Peavey Plaza, and proximity to major shopping districts and entertainment venues.
The rental market is characterized by high-density apartment living with significant competition among luxury and mid-market high-rise buildings.
The economy is anchored by the Minneapolis central business district, featuring major employers in finance, retail, and professional services.
The area serves as the primary hub for the Metro Transit light rail system and regional bus network.
Development is focused on urban infill and the modernization of existing commercial infrastructure.
Hennepin County Assessor manages property valuations based on annual market analysis and state guidelines.
Parcels are subject to Minneapolis Public Schools and various municipal special service districts.
Property insurance premiums are influenced by urban density and standard metropolitan hazard profiles.
Minnesota has seen stable domestic migration with urban centers attracting younger demographics.
Minnesota is primarily a judicial foreclosure state with specific notice and redemption periods.
Sellers are required to provide a comprehensive disclosure statement regarding the condition of the property.
Data retrieved from data.census.gov and Data Commons.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Mall of America®4.68.4 mi
- Valleyfair4.215.2 mi
- Great Wolf Lodge | Minnesota3.98 mi
- Nickelodeon Universe4.58.5 mi
- Slick City Action Park4.510.9 mi
- U.S. Bank Stadium4.60.6 mi
- Grand Casino Arena4.68.5 mi
- Minneapolis Convention Center4.50.4 mi
- Minnesota State Fair4.74.8 mi
- Topgolf Brooklyn Center4.36.7 mi
- Mall of America®4.68.4 mi
- U.S. Bank Stadium4.60.6 mi
- Como Park Zoo & Conservatory4.75.7 mi
- Minneapolis Institute of Art4.81.2 mi
- Great Wolf Lodge | Minnesota3.98 mi
- Minneapolis Institute of Art4.81.2 mi
- Science Museum of Minnesota4.68.7 mi
- University of Minnesota Landscape Arboretum4.818.7 mi
- Union Depot4.59.2 mi
- Walker Art Center4.51.1 mi
- Como Park Zoo & Conservatory4.75.7 mi
- Minneapolis Sculpture Garden4.71.1 mi
- Centennial Lakes Park4.78 mi
- Lake Harriet Regional Park4.83.8 mi
- Boom Island Park4.71.1 mi
- Watergate Marina4.57.4 mi
- Topgolf Brooklyn Center4.36.7 mi
- National Sports Center4.512.8 mi
- Edinburgh USA4.49.9 mi
- The Minikahda Club4.43.4 mi
- Puttery4.70.4 mi
- Mall of America®4.68.4 mi
- Rosedale Center4.35.4 mi
- Twin Cities Premium Outlets4.511.4 mi
- Ridgedale Center4.48.2 mi
- Karmel Mall4.11.9 mi
- Minneapolis-Saint Paul International Airport4.46.8 mi
- Shoyu3.77 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Extensive indoor pedestrian network connecting downtown buildings.
Iconic sunken plaza and public space in the heart of downtown.
Major arena hosting sports and concerts.
Primary pedestrian-friendly commercial corridor.
Key-figure check: median price diverges 13.3% from the nearest retained anchor (prior refresh cycle) — beyond the 12.5% tolerance; an automated validation case is open and the value publishes pending its verdict. Validation: the flagged $325,000 (-13.3% vs the prior refresh cycle) could not be independently corroborated and was reverted to the prior cycle value pending review; the case is under review in the Command Center.