Is 55024, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55024 is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, 55024 was a Seller's Market.

Key Takeaway

55024 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 55024, MN

How much do homes in 55024, MN cost?

Median Sold Price

$400,582

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$20,191(+5.3%)

Key Takeaway

Homes in 55024 have sold for 5.3% more than they did a year ago.

Summary: The median home sold price in 55024 was $400,582 in February 2024, up 5.3% from last year, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $204.5K$166K
-18.8%
2 $250K$275.5K
+10.2%
3 $345K$375K
+8.7%
4 $430K$440.2K
+2.4%
5+ $509.7K$507.4K
-0.4%

Summary: 55024 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.8%, 2 bedroom homes increased by 10.2%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes decreased by 0.4%.

Median Sold Price Compared To Nearby Zip Codes

55024
+5.3%
55044
+0.9%
55068
0.1%

Housing Supply in 55024, MN

How many homes are available in 55024, MN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
193225+16.6%

Summary: The 55024 real estate market had 225 homes for sale in February 2024, a 16.6% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 3535
0.0%
3 7889
+14.1%
4 4757
+21.3%
5+ 3344
+33.3%

Summary: The 55024 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 14.1%, 4 bedroom homes increased by 21.3%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
3032+6.7%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55024, you may be able to get a good deal. 46.9% of homes here sold below asking price last month.

Summary: A total of 32 homes were sold or pending in 55024 in February 2024, up by 6.7% month-over-month. Of the 32 sold homes, 47% were sold under asking, 28% were sold at asking, and 25% were sold over asking.

Days on Market for 55024, MN

How long does it take to sell a home in 55024, MN?

Average Sale Time

Feb 2023Feb 2024CHANGE
37 Days46 Days+23.3%

Summary: Homes in 55024 had an average of 46 days on market in Feb 2024, up by 23.3% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

19 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 55024 has remained consistent over time.

Summary: During February 2024, 32 homes were sold in 55024; 28% of homes were sold within 30 days, 59% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in 55024, MN

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