Is 55116, 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, 55116 has remained a Seller's Market.
Key Takeaway
55116 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55116, MN
How much do homes in 55116, MN cost?
Median Sold Price
$450,000
$240/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 55116 have sold for 10.8% more than they did a year ago.
Summary: The median home sold price in 55116 was $450,000 in March 2024, up 10.8% from last year, and the median price per square foot was $240.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $169K | $187K | +10.7% |
| 2 Bedrooms | $292.4K | $275K | -6.0% |
| 3 Bedrooms | $417K | $438.9K | +5.3% |
| 4 Bedrooms | $532.2K | $534K | 0.3% |
| 5+ Bedrooms | $660K | $637.5K | -3.4% |
Summary: 55116 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.7%, 2 bedroom homes decreased by 6%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 0.3%, and 5+ bedroom homes decreased by 3.4%.
Housing Supply in 55116, MN
How many homes are available in 55116, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 65 | 84 | +29.2% |
Summary: The 55116 real estate market had 84 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 | 2 | +100.0% |
| 2 Bedrooms | 11 | 14 | +27.3% |
| 3 Bedrooms | 28 | 37 | +32.1% |
| 4 Bedrooms | 17 | 22 | +29.4% |
| 5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The 55116 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 27.3%, 3 bedroom homes increased by 32.1%, 4 bedroom homes increased by 29.4%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 19 | 25 | +31.6% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55116, you may be able to get a good deal. 36% of homes here sold below asking price last month.
Summary: A total of 25 homes were sold or pending in 55116 in March 2024, up by 31.6% month-over-month. Of the 25 sold homes, 36% were sold under asking, 28% were sold at asking, and 36% were sold over asking.
Days on Market for 55116, MN
How long does it take to sell a home in 55116, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 26 Days | 35 Days | +32.0% |
Summary: Homes in 55116 had an average of 35 days on market in Mar 2024, up by 32% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55116 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 25 homes were sold in 55116; 56% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
