Is 55118, 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, 55118 has remained a Seller's Market.
Housing Prices in 55118, MN
How much do homes in 55118, MN cost?
Median Sold Price
$340,750
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 55118 was $340,750 in March 2024, down 2.6% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $235K | $245K | +4.3% |
2 Bedrooms | $260K | $245.9K | -5.4% |
3 Bedrooms | $325K | $340K | +4.6% |
4 Bedrooms | $426K | $470K | +10.3% |
5+ Bedrooms | $635K | $466.7K | -26.5% |
Summary: 55118 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.3%, 2 bedroom homes decreased by 5.4%, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 10.3%, and 5+ bedroom homes decreased by 26.5%.
Housing Supply in 55118, MN
How many homes are available in 55118, MN?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
57 | 78 | +36.8% |
Summary: The 55118 real estate market had 78 homes for sale in March 2024, a 36.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 4 | +100.0% |
2 Bedrooms | 20 | 21 | +5.0% |
3 Bedrooms | 16 | 24 | +50.0% |
4 Bedrooms | 9 | 15 | +66.7% |
5+ Bedrooms | 10 | 14 | +40.0% |
Summary: The 55118 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 5%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
13 | 18 | +38.5% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 18 homes were sold or pending in 55118 in March 2024, up by 38.5% month-over-month. Of the 18 sold homes, 39% were sold under asking, 28% were sold at asking, and 33% were sold over asking.
Days on Market for 55118, MN
How long does it take to sell a home in 55118, MN?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
26 Days | 46 Days | +75.8% |
Summary: Homes in 55118 had an average of 46 days on market in Mar 2024, up by 75.8% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During March 2024, 18 homes were sold in 55118; 72% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.