Is Edina, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Edina has remained a Seller's Market.
Key Takeaway
Edina is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Edina, MN
How much do homes in Edina, MN cost?
Median Sold Price
$588,125
$250/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Edina have sold for 1.4% more than they did a year ago.
Summary: The median home sold price in Edina was $588,125 in May 2024, up 1.4% from last year, and the median price per square foot was $250.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $147K | $152K | +3.4% |
| 2 Bedrooms | $221.7K | $253.5K | +14.3% |
| 3 Bedrooms | $531.4K | $535K | +0.7% |
| 4 Bedrooms | $715K | $780K | +9.1% |
| 5+ Bedrooms | $1.1M | $1.3M | +14.5% |
Summary: Edina housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.4%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 0.7%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 14.5%.
Median Sold Price Compared To Nearby Cities
| Hopkins | $346.5K | $369.8K | +6.8% |
| Richfield | $330K | $341K | +3.3% |
| Bloomington | $348.5K | $359.4K | +3.1% |
| Saint Louis Park | $365K | $375K | +2.7% |
| Edina | $579.8K | $588.1K | +1.4% |
Housing Supply in Edina, MN
How many homes are available in Edina, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 302 | 362 | +19.9% |
Summary: The Edina real estate market had 362 homes for sale in May 2024, a 19.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 35 | 33 | -5.7% |
| 2 Bedrooms | 62 | 78 | +25.8% |
| 3 Bedrooms | 52 | 58 | +11.5% |
| 4 Bedrooms | 66 | 85 | +28.8% |
| 5+ Bedrooms | 87 | 108 | +24.1% |
Summary: The Edina housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5.7%, 2 bedroom homes increased by 25.8%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 28.8%, and 5+ bedroom homes increased by 24.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 73 | 75 | +2.7% |
Asking Price vs. Sold Price
40 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Edina, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.
Summary: A total of 75 homes were sold or pending in Edina in May 2024, up by 2.7% month-over-month. Of the 75 sold homes, 53% were sold under asking, 20% were sold at asking, and 27% were sold over asking.
Days on Market for Edina, MN
How long does it take to sell a home in Edina, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 30 Days | +9.7% |
Summary: Homes in Edina had an average of 30 days on market in May 2024, up by 9.7% compared to last year.
Breakdown of Home Sale Times
48 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Edina are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 75 homes were sold in Edina; 64% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
