St. Louis Park, Minnesota, continues to be a dynamic and evolving housing market, offering a range of opportunities for homebuyers, renters, and investors. Understanding the current trends and upcoming developments is essential for making informed decisions.
Current Housing Market Trends
As of April 2026, the median listing price for homes in St. Louis Park is $350,000, reflecting a 6.09% increase over the past year. The median sale price stands at $397,000, a modest 0.63% rise year-over-year. Homes are selling faster, with the median days on market decreasing by 3.57% to 27 days, indicating a competitive market. There are currently 187 homes for sale, providing a steady inventory for prospective buyers.
Rental Market Insights
The rental market in St. Louis Park shows a median rent of $2,250 per month, a 6.25% decrease compared to the previous year. This decline may offer some relief to renters, though the market remains competitive with 98 rental properties available.
New Housing Developments
Several new developments are contributing to the growth of St. Louis Park’s housing landscape:
8800 Highway 7
Broadway Street Development has proposed a seven-story, 208-unit affordable multifamily project at 8800 Highway 7. The development plans include a five-story structured parking garage and units reserved for households earning between 30% and 80% of the area median income. The project is designed to offer one-, two-, and three-bedroom units, catering to families.
Mera
Bigos Management has completed the Mera, a six-story, 233-unit housing development that opened in August 2024. The project features amenities such as a courtyard with a pool and spa, a dog run, and outdoor pickleball courts. Notably, 20% of the units are designated for residents earning 50% of the area median income, aligning with the city’s inclusionary housing policies.
Challenges in Apartment Construction
The Twin Cities metro area, including St. Louis Park, has experienced a slowdown in apartment construction due to rising costs. After peaking at 15,500 permits in 2022, new apartment construction permits fell to 5,000 in 2024 and continue to decline. The increased construction costs, now reaching $320,000 to $340,000 per unit for midrise buildings, have made many projects financially unviable without public subsidies. This slowdown may lead to a tighter housing supply and potential rent increases in the future.
Staying informed about these trends and developments is crucial for anyone interested in the St. Louis Park housing market. Whether you’re considering buying, renting, or investing, understanding the local landscape will help you make strategic decisions.