Is 55407, 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, 55407 has remained a Seller's Market.
Key Takeaway
55407 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55407, MN
How much do homes in 55407, MN cost?
Median Sold Price
$300,333
$206/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 55407 have sold for 1.5% less than they did a year ago.
Summary: The median home sold price in 55407 was $300,333 in March 2024, down 1.5% from last year, and the median price per square foot was $206.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $129.7K | $122K | -6.0% |
| 2 Bedrooms | $255K | $252.7K | -0.9% |
| 3 Bedrooms | $320K | $316K | -1.3% |
| 4 Bedrooms | $359.9K | $344K | -4.4% |
| 5+ Bedrooms | $390K | $364.9K | -6.4% |
Summary: 55407 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6%, 2 bedroom homes decreased by 0.9%, 3 bedroom homes decreased by 1.3%, 4 bedroom homes decreased by 4.4%, and 5+ bedroom homes decreased by 6.4%.
Housing Supply in 55407, MN
How many homes are available in 55407, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 74 | 83 | +12.2% |
Summary: The 55407 real estate market had 83 homes for sale in March 2024, a 12.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 10 | 0.0% |
| 2 Bedrooms | 20 | 23 | +15.0% |
| 3 Bedrooms | 27 | 34 | +25.9% |
| 4 Bedrooms | 12 | 11 | -8.3% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The 55407 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 15%, 3 bedroom homes increased by 25.9%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 18 | 20 | +11.1% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55407, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 20 homes were sold or pending in 55407 in March 2024, up by 11.1% month-over-month. Of the 20 sold homes, 15% were sold under asking, 25% were sold at asking, and 60% were sold over asking.
Days on Market for 55407, MN
How long does it take to sell a home in 55407, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 34 Days | 19 Days | -41.9% |
Summary: Homes in 55407 had an average of 19 days on market in Mar 2024, down by 41.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 55407 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 20 homes were sold in 55407; 80% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
