Is Savage, 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, Savage has remained a Seller's Market.
Key Takeaway
Savage is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Savage, MN
How much do homes in Savage, MN cost?
Median Sold Price
$414,625
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Savage have sold for 2.4% less than they did a year ago.
Summary: The median home sold price in Savage was $414,625 in May 2024, down 2.4% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $287.5K | $295K | +2.6% |
| 3 Bedrooms | $360K | $382.5K | +6.2% |
| 4 Bedrooms | $445K | $449K | +0.9% |
| 5+ Bedrooms | $571K | $540K | -5.4% |
Summary: Savage housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.6%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes decreased by 5.4%.
Median Sold Price Compared To Nearby Cities
| Credit River Township | $685K | $842.5K | +23.0% |
| Burnsville | $350K | $365K | +4.3% |
| Bloomington | $348.5K | $359.4K | +3.1% |
| Prior Lake | $480.6K | $481.6K | 0.2% |
| Savage | $425K | $414.6K | -2.4% |
Housing Supply in Savage, MN
How many homes are available in Savage, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 122 | 154 | +26.2% |
Summary: The Savage real estate market had 154 homes for sale in May 2024, a 26.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 21 | 25 | +19.0% |
| 3 Bedrooms | 29 | 38 | +31.0% |
| 4 Bedrooms | 55 | 64 | +16.4% |
| 5+ Bedrooms | 17 | 27 | +58.8% |
Summary: The Savage housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 19%, 3 bedroom homes increased by 31%, 4 bedroom homes increased by 16.4%, and 5+ bedroom homes increased by 58.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 41 | +41.4% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Savage, you could pay more than the asking price. 36.6% of homes here sold above asking price last month.
Summary: A total of 41 homes were sold or pending in Savage in May 2024, up by 41.4% month-over-month. Of the 41 sold homes, 34% were sold under asking, 29% were sold at asking, and 37% were sold over asking.
Days on Market for Savage, MN
How long does it take to sell a home in Savage, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 34 Days | +13.2% |
Summary: Homes in Savage had an average of 34 days on market in May 2024, up by 13.2% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Savage are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 41 homes were sold in Savage; 59% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
