The Twin Cities real estate market remained competitive last year, despite mortgage interest rate hikes that started in the middle of the year. To find out which cities were most popular last year, the Star Tribune compiled its annual Hot Housing Index, which ranks communities based on where houses sold more quickly than the year before; prices posted the biggest gains; sellers got closest to their asking price, and market times fell the most.
The Hot Housing Index combines key housing metrics from year-end data provided by the Minneapolis Area Realtors: change in the median price per square foot; median days on market; percent of list price received by seller; and change in closed sales compared to the previous year. We ranked each community on those metrics, then added the rankings together to get an index score. The Star Tribune only includes housing markets with 80 or more sales of previously owned homes. Newly constructed homes are excluded because not all are reflected in the data.
Use the search tool below to see rankings for the roughly 100 cities included in the Hot Housing Index, plus historical real estate sales data and homeownership metrics from U.S. Census Bureau surveys. Some of that data is also available for Minneapolis and St. Paul neighborhoods and other cities in the 13-county metro area that didn't have enough sales last year to be included in the index.
New listings and closed sales dropped
Total new listings and closed sales each year in the metro area.
Houses were on the market longer
The median number of days it took to sell a house in the metro area. Data not available before 2007.
Prices continued to rise, though not quite as quickly
Annual median sale price for homes in the metro area.
Inventory remained historically low
The number of homes available for sale at the end of each year in the metro area.
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Below is the ranking of cities that had enough sales in 2022 to qualify for the Hot Housing Index.
- 1. Lake Elmo
- 2. Lindstrom
- 3. Minnetrista
- 4. Spring Lake Park
- 5. Wayzata
- 6. Cambridge
- 7. Zimmerman
- 8. Rogers
- 9. Hastings
- 10. New Brighton
- 11. Stillwater
- 12. Victoria
- 13. Prior Lake
- 14. Buffalo
- 15. Robbinsdale
- 16. St. Michael
- 17. Vadnais Heights
- 18. Delano
- 19. Mounds View
- 20. Becker
- 21. Brooklyn Park
- 22. Chaska
- 25. Brooklyn Center
- 25. Lakeville
- 25. St. Paul Park
- 26. White Bear Lake
- 27. Isanti
- 29. Inver Grove Heights
- 29. New Richmond
- 30. Edina
- 32. Fridley
- 32. Mahtomedi
- 34. Forest Lake
- 34. Little Canada
- 35. Arden Hills
- 38. Hopkins
- 38. Otsego
- 38. Shoreview
- 39. Elk River
- 40. Plymouth
- 41. Monticello
- 42. Champlin
- 43. Burnsville
- 44. Roseville
- 45. Mendota Heights
- 46. North St. Paul
- 47. Columbia Heights
- 48. North Branch
- 49. Circle Pines
- 50. Shorewood
- 51. St. Paul
- 52. Eagan
- 53. Minneapolis
- 54. Medina
- 55. Princeton
- 56. Ham Lake
- 57. Orono
- 58. St. Anthony
- 59. Anoka
- 60. Golden Valley
- 61. Savage
- 62. Crystal
- 63. Bloomington
- 64. Minnetonka
- 65. Lino Lakes
- 67. Coon Rapids
- 67. Waconia
- 69. Belle Plaine
- 69. Blaine
- 70. St. Louis Park
- 71. Mound
- 72. Apple Valley
- 73. Maple Grove
- 74. Ramsey
- 75. Jordan
- 76. New Hope
- 77. Wyoming
- 78. West St. Paul
- 79. Eden Prairie
- 80. Hugo
- 81. Farmington
- 82. River Falls
- 83. Maplewood
- 85. Cottage Grove
- 85. Woodbury
- 86. Oakdale
- 87. South St. Paul
- 88. Andover
- 89. Elko New Market
- 90. Richfield
- 91. Annandale
- 92. Hudson
- 93. Rosemount
- 94. Big Lake
- 95. Chanhassen
- 96. St. Francis
- 97. Albertville
- 98. East Bethel
- 99. Shakopee
Credits
- Reporting by Jim Buchta
- Data analysis by MaryJo Webster
- Design and development by Alan Palazzolo, Michael Corey, Jeff Hargarten, Tom Nehil and Bryan Brussee
Sources
Five-year American Community Survey 2017–2021 (the most current available) and Minneapolis Area Realtors (MAAR) and RMLS of MN, Inc. Data deemed reliable but not guaranteed. Not to be reproduced without MAAR's consent.
Methodology
Numerical rankings were assigned to each community on four metrics, then those rankings were added together to create the final index score. We included cities in the 13-county metro area that had 80 or more sales last year. It does not include sales of newly constructed homes. Here's how the rankings worked for the four metrics:
- We calculated the percentage change between the median price per square foot last year and the average across the previous five years. The change between those two numbers was then ranked. A ranking of 1 represented the lowest change.
- We calculated the percentage change between the total closed sales last year and the average across the previous five years. The change between those two numbers was then ranked, and weighted times two to make this metric more important in the final score. A ranking of 1 represented the lowest change. This was further weighted based on the percentage change between the two most recent years.
- The third metric ranked the percentage change between total closed sales last year and the year before in order to differentiate communities that had seen growing sales over the five-year-period overall with those that continued to see growth between the most recent two years. A ranking of 1 represented the lowest change.
- To assess availability of homes and buyer demand, we calculated the percentage change in the Months Supply Ratio last year compared to the average across the previous five years. A score of 1 represented the highest supply ratio, while the city with the smallest number got the highest score. A Months Supply Ratio of 4–6 months is considered a "balanced" market. Currently, every city in the index is well below that.