Is 55088, 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, 55088 was a Buyer's Market.
Key Takeaway
55088 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55088, MN
How much do homes in 55088, MN cost?
Median Sold Price
$493,995
$205/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 55088 have sold for 10.1% less than they did a year ago.
Summary: The median home sold price in 55088 was $493,995 in May 2024, down 10.1% from last year, and the median price per square foot was $205.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $215K | N/A |
| 3 Bedrooms | $439.9K | $444.9K | +1.1% |
| 4 Bedrooms | $572.3K | $508.9K | -11.1% |
| 5+ Bedrooms | $572.5K | $539.9K | -5.7% |
Summary: 55088 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 did not change, 3 bedroom homes increased by 1.1%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes decreased by 5.7%.
Housing Supply in 55088, MN
How many homes are available in 55088, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 16 | +14.3% |
Summary: The 55088 real estate market had 16 homes for sale in May 2024, a 14.3% 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 | 0 | 0 | 0.0% |
| 3 Bedrooms | 3 | 4 | +33.3% |
| 4 Bedrooms | 6 | 10 | +66.7% |
| 5+ Bedrooms | 5 | 2 | -60.0% |
Summary: The 55088 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 remained the same, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes decreased by 60%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 55088, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in 55088 in May 2024, the same as the previous month. Of the 4 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.
Days on Market for 55088, MN
How long does it take to sell a home in 55088, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 337 Days | 36 Days | -89.2% |
Summary: Homes in 55088 had an average of 36 days on market in May 2024, down by 89.2% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55088 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in 55088; 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.
