Is Mankato, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Mankato has remained a Seller's Market.
Key Takeaway
Mankato is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Mankato, MN
How much do homes in Mankato, MN cost?
Median Sold Price
$284,500
$147/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Mankato have sold for 4% less than they did a year ago.
Summary: The median home sold price in Mankato was $284,500 in April 2024, down 4% from last year, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $140K | +7.7% |
| 2 Bedrooms | $227.2K | $245.5K | +8.0% |
| 3 Bedrooms | $240K | $258K | +7.5% |
| 4 Bedrooms | $345K | $313.8K | -9.0% |
| 5+ Bedrooms | $386.2K | $400K | +3.6% |
Summary: Mankato housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.7%, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 7.5%, 4 bedroom homes decreased by 9%, and 5+ bedroom homes increased by 3.6%.
Median Sold Price Compared To Nearby Cities
| Mankato Township | $288K | $284.5K | -1.2% |
| Mankato | $296.2K | $284.5K | -4.0% |
| North Mankato | $306.9K | $290K | -5.5% |
Housing Supply in Mankato, MN
How many homes are available in Mankato, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 57 | 76 | +33.3% |
Summary: The Mankato real estate market had 76 homes for sale in April 2024, a 33.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 14 | 13 | -7.1% |
| 3 Bedrooms | 14 | 26 | +85.7% |
| 4 Bedrooms | 17 | 21 | +23.5% |
| 5+ Bedrooms | 11 | 15 | +36.4% |
Summary: The Mankato housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 7.1%, 3 bedroom homes increased by 85.7%, 4 bedroom homes increased by 23.5%, and 5+ bedroom homes increased by 36.4%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 5 | 14 | +180.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mankato, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in Mankato in April 2024, up by 180.0% month-over-month. Of the 14 sold homes, 43% were sold under asking, 36% were sold at asking, and 21% were sold over asking.
Days on Market for Mankato, MN
How long does it take to sell a home in Mankato, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 28 Days | 30 Days | +4.2% |
Summary: Homes in Mankato had an average of 30 days on market in Apr 2024, up by 4.2% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Mankato are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 14 homes were sold in Mankato; 79% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
