Is 55398, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 55398 has remained a Seller's Market.
Key Takeaway
55398 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55398, MN
How much do homes in 55398, MN cost?
Median Sold Price
$360,000
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 55398 have sold for 1.4% more than they did a year ago.
Summary: The median home sold price in 55398 was $360,000 in April 2024, up 1.4% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $250.7K | +52.0% |
| 2 Bedrooms | $275.2K | $279K | +1.4% |
| 3 Bedrooms | $320K | $327.5K | +2.3% |
| 4 Bedrooms | $405.6K | $387.4K | -4.5% |
| 5+ Bedrooms | $537.5K | $450K | -16.3% |
Summary: 55398 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 52%, 2 bedroom homes increased by 1.4%, 3 bedroom homes increased by 2.3%, 4 bedroom homes decreased by 4.5%, and 5+ bedroom homes decreased by 16.3%.
Housing Supply in 55398, MN
How many homes are available in 55398, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 62 | 84 | +35.5% |
Summary: The 55398 real estate market had 84 homes for sale in April 2024, a 35.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 11 | 17 | +54.5% |
| 3 Bedrooms | 12 | 19 | +58.3% |
| 4 Bedrooms | 30 | 36 | +20.0% |
| 5+ Bedrooms | 9 | 12 | +33.3% |
Summary: The 55398 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 54.5%, 3 bedroom homes increased by 58.3%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 11 | 16 | +45.5% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55398, you could pay more than the asking price. 43.8% of homes here sold above asking price last month.
Summary: A total of 16 homes were sold or pending in 55398 in April 2024, up by 45.5% month-over-month. Of the 16 sold homes, 25% were sold under asking, 31% were sold at asking, and 44% were sold over asking.
Days on Market for 55398, MN
How long does it take to sell a home in 55398, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 13 Days | 31 Days | +141.4% |
Summary: Homes in 55398 had an average of 31 days on market in Apr 2024, up by 141.4% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55398 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 16 homes were sold in 55398; 81% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
