Is 55109, 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, 55109 has remained a Seller's Market.
Key Takeaway
55109 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55109, MN
How much do homes in 55109, MN cost?
Median Sold Price
$325,000
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 55109 have sold for 1.6% more than they did a year ago.
Summary: The median home sold price in 55109 was $325,000 in March 2024, up 1.6% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $184.9K | -17.8% |
| 2 Bedrooms | $245K | $270K | +10.2% |
| 3 Bedrooms | $315K | $320K | +1.6% |
| 4 Bedrooms | $360K | $370K | +2.8% |
| 5+ Bedrooms | $380K | $400K | +5.3% |
Summary: 55109 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 17.8%, 2 bedroom homes increased by 10.2%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 5.3%.
Housing Supply in 55109, MN
How many homes are available in 55109, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 78 | 81 | +3.8% |
Summary: The 55109 real estate market had 81 homes for sale in March 2024, a 3.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 11 | 16 | +45.5% |
| 3 Bedrooms | 41 | 32 | -22.0% |
| 4 Bedrooms | 17 | 25 | +47.1% |
| 5+ Bedrooms | 9 | 8 | -11.1% |
Summary: The 55109 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 45.5%, 3 bedroom homes decreased by 22%, 4 bedroom homes increased by 47.1%, and 5+ bedroom homes decreased by 11.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 29 | 27 | -6.9% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55109, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.
Summary: A total of 27 homes were sold or pending in 55109 in March 2024, down by 6.9% month-over-month. Of the 27 sold homes, 30% were sold under asking, 26% were sold at asking, and 44% were sold over asking.
Days on Market for 55109, MN
How long does it take to sell a home in 55109, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 39 Days | 27 Days | -30.1% |
Summary: Homes in 55109 had an average of 27 days on market in Mar 2024, down by 30.1% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55109 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 27 homes were sold in 55109; 78% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
