Is 55055, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, 55055 was a Buyer's Market.
Key Takeaway
55055 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55055, MN
How much do homes in 55055, MN cost?
Median Sold Price
$351,450
$213/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 55055 have sold for 4.9% more than they did a year ago.
Summary: The median home sold price in 55055 was $351,450 in May 2024, up 4.9% from last year, and the median price per square foot was $213.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $349.5K | $410K | +17.3% |
| 3 Bedrooms | $350K | $312.5K | -10.7% |
| 4 Bedrooms | $330K | $361K | +9.4% |
| 5+ Bedrooms | $475K | $550K | +15.8% |
Summary: 55055 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 17.3%, 3 bedroom homes decreased by 10.7%, 4 bedroom homes increased by 9.4%, and 5+ bedroom homes increased by 15.8%.
Housing Supply in 55055, MN
How many homes are available in 55055, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 9 | +12.5% |
Summary: The 55055 real estate market had 9 homes for sale in May 2024, a 12.5% 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 | 2 | 0 | -100.0% |
| 3 Bedrooms | 5 | 8 | +60.0% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 55055 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 decreased by 100%, 3 bedroom homes increased by 60%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 2 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 55055, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in 55055 in May 2024, down by 50.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for 55055, MN
How long does it take to sell a home in 55055, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 33 Days | +83.3% |
Summary: Homes in 55055 had an average of 33 days on market in May 2024, up by 83.3% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55055 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in 55055; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
