Is 55406, 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, 55406 has remained a Seller's Market.
Key Takeaway
55406 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55406, MN
How much do homes in 55406, MN cost?
Median Sold Price
$316,500
$247/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 55406 have sold for 8.3% less than they did a year ago.
Summary: The median home sold price in 55406 was $316,500 in April 2024, down 8.3% from last year, and the median price per square foot was $247.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $226K | $182.5K | -19.2% |
| 2 Bedrooms | $280K | $280K | 0.0% |
| 3 Bedrooms | $351K | $346.5K | -1.3% |
| 4 Bedrooms | $445K | $448.8K | +0.9% |
| 5+ Bedrooms | $502.5K | $518K | +3.1% |
Summary: 55406 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 19.2%, 2 bedroom homes did not change, 3 bedroom homes decreased by 1.3%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes increased by 3.1%.
Housing Supply in 55406, MN
How many homes are available in 55406, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 92 | 104 | +13.0% |
Summary: The 55406 real estate market had 104 homes for sale in April 2024, a 13.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 7 | +16.7% |
| 2 Bedrooms | 21 | 22 | +4.8% |
| 3 Bedrooms | 30 | 41 | +36.7% |
| 4 Bedrooms | 29 | 28 | -3.4% |
| 5+ Bedrooms | 6 | 6 | 0.0% |
Summary: The 55406 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 36.7%, 4 bedroom homes decreased by 3.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 28 | 30 | +7.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55406, you could pay more than the asking price. 63.3% of homes here sold above asking price last month.
Summary: A total of 30 homes were sold or pending in 55406 in April 2024, up by 7.1% month-over-month. Of the 30 sold homes, 27% were sold under asking, 10% were sold at asking, and 63% were sold over asking.
Days on Market for 55406, MN
How long does it take to sell a home in 55406, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 25 Days | 19 Days | -25.4% |
Summary: Homes in 55406 had an average of 19 days on market in Apr 2024, down by 25.4% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55406 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 30 homes were sold in 55406; 87% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
