Is 55016, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 55016 has remained a Seller's Market.
Key Takeaway
55016 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55016, MN
How much do homes in 55016, MN cost?
Median Sold Price
$397,375
$192/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 55016 have sold for 0.5% more than they did a year ago.
Summary: The median home sold price in 55016 was $397,375 in March 2024, up 0.5% from last year, and the median price per square foot was $192.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $333K | $182K | -45.3% |
| 2 Bedrooms | $259K | $272.5K | +5.2% |
| 3 Bedrooms | $371.5K | $369.8K | -0.4% |
| 4 Bedrooms | $464.1K | $439.9K | -5.2% |
| 5+ Bedrooms | $443.9K | $495.4K | +11.6% |
Summary: 55016 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 45.3%, 2 bedroom homes increased by 5.2%, 3 bedroom homes decreased by 0.4%, 4 bedroom homes decreased by 5.2%, and 5+ bedroom homes increased by 11.6%.
Housing Supply in 55016, MN
How many homes are available in 55016, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 168 | 217 | +29.2% |
Summary: The 55016 real estate market had 217 homes for sale in March 2024, a 29.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 18 | 22 | +22.2% |
| 3 Bedrooms | 61 | 74 | +21.3% |
| 4 Bedrooms | 62 | 91 | +46.8% |
| 5+ Bedrooms | 26 | 30 | +15.4% |
Summary: The 55016 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 21.3%, 4 bedroom homes increased by 46.8%, and 5+ bedroom homes increased by 15.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 21 | 52 | +147.6% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55016, you may be able to get a good deal. 34.6% of homes here sold below asking price last month.
Summary: A total of 52 homes were sold or pending in 55016 in March 2024, up by 147.6% month-over-month. Of the 52 sold homes, 35% were sold under asking, 31% were sold at asking, and 35% were sold over asking.
Days on Market for 55016, MN
How long does it take to sell a home in 55016, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 47 Days | 44 Days | -5.4% |
Summary: Homes in 55016 had an average of 44 days on market in Mar 2024, down by 5.4% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55016 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 52 homes were sold in 55016; 46% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
