Is 55401, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 55401 was a Seller's Market.
Key Takeaway
55401 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 55401, MN
How much do homes in 55401, MN cost?
Median Sold Price
$349,966
$325/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 55401 have sold for 4.1% less than they did a year ago.
Summary: The median home sold price in 55401 was $349,966 in April 2024, down 4.1% from last year, and the median price per square foot was $325.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $270K | -1.8% |
| 2 Bedrooms | $470K | $402.5K | -14.4% |
| 3 Bedrooms | $1.1M | $850K | -23.8% |
| 4 Bedrooms | $822.5K | $1.3M | +69.9% |
| 5+ Bedrooms | - | - | N/A |
Summary: 55401 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.8%, 2 bedroom homes decreased by 14.4%, 3 bedroom homes decreased by 23.8%, 4 bedroom homes increased by 69.9%, and 5+ bedroom homes did not change.
Housing Supply in 55401, MN
How many homes are available in 55401, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 95 | 110 | +15.8% |
Summary: The 55401 real estate market had 110 homes for sale in April 2024, a 15.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 35 | 39 | +11.4% |
| 2 Bedrooms | 44 | 55 | +25.0% |
| 3 Bedrooms | 13 | 13 | 0.0% |
| 4 Bedrooms | 3 | 3 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 55401 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.4%, 2 bedroom homes increased by 25%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 20 | 18 | -10.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55401, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 18 homes were sold or pending in 55401 in April 2024, down by 10.0% month-over-month. Of the 18 sold homes, 50% were sold under asking, 33% were sold at asking, and 17% were sold over asking.
Days on Market for 55401, MN
How long does it take to sell a home in 55401, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 58 Days | 41 Days | -29.1% |
Summary: Homes in 55401 had an average of 41 days on market in Apr 2024, down by 29.1% 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
Key Takeaway
Many homes in 55401 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 18 homes were sold in 55401; 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.
