Is 55408, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 55408 was a Seller's Market.
Key Takeaway
55408 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 55408, MN
How much do homes in 55408, MN cost?
Median Sold Price
$289,900
$225/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 55408 have sold for 11% less than they did a year ago.
Summary: The median home sold price in 55408 was $289,900 in March 2024, down 11% from last year, and the median price per square foot was $225.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135K | $130K | -3.7% |
| 2 Bedrooms | $244K | $239.9K | -1.7% |
| 3 Bedrooms | $368.5K | $381.2K | +3.4% |
| 4 Bedrooms | $492.5K | $461K | -6.4% |
| 5+ Bedrooms | $462K | $640K | +38.5% |
Summary: 55408 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.7%, 2 bedroom homes decreased by 1.7%, 3 bedroom homes increased by 3.4%, 4 bedroom homes decreased by 6.4%, and 5+ bedroom homes increased by 38.5%.
Housing Supply in 55408, MN
How many homes are available in 55408, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 92 | 103 | +12.0% |
Summary: The 55408 real estate market had 103 homes for sale in March 2024, a 12.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 28 | 30 | +7.1% |
| 2 Bedrooms | 28 | 30 | +7.1% |
| 3 Bedrooms | 11 | 14 | +27.3% |
| 4 Bedrooms | 17 | 19 | +11.8% |
| 5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The 55408 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 27.3%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 18 | 12 | -33.3% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55408, you may be able to get a good deal. 58.3% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in 55408 in March 2024, down by 33.3% month-over-month. Of the 12 sold homes, 58% were sold under asking, 17% were sold at asking, and 25% were sold over asking.
Days on Market for 55408, MN
How long does it take to sell a home in 55408, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 42 Days | 71 Days | +65.6% |
Summary: Homes in 55408 had an average of 71 days on market in Mar 2024, up by 65.6% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 55408 has remained consistent over time.
Summary: During March 2024, 12 homes were sold in 55408; 25% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
