Is 55416, 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, 55416 has remained a Seller's Market.
Key Takeaway
55416 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55416, MN
How much do homes in 55416, MN cost?
Median Sold Price
$429,000
$250/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 55416 have sold for 6.1% more than they did a year ago.
Summary: The median home sold price in 55416 was $429,000 in March 2024, up 6.1% from last year, and the median price per square foot was $250.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $202.5K | $179.9K | -11.2% |
| 2 Bedrooms | $302K | $325K | +7.6% |
| 3 Bedrooms | $412K | $454.7K | +10.4% |
| 4 Bedrooms | $667.5K | $710K | +6.4% |
| 5+ Bedrooms | $900K | $682K | -24.2% |
Summary: 55416 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 11.2%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes decreased by 24.2%.
Housing Supply in 55416, MN
How many homes are available in 55416, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 134 | 150 | +11.9% |
Summary: The 55416 real estate market had 150 homes for sale in March 2024, a 11.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 19 | 22 | +15.8% |
| 2 Bedrooms | 34 | 41 | +20.6% |
| 3 Bedrooms | 32 | 34 | +6.3% |
| 4 Bedrooms | 29 | 32 | +10.3% |
| 5+ Bedrooms | 20 | 21 | +5.0% |
Summary: The 55416 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15.8%, 2 bedroom homes increased by 20.6%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 10.3%, and 5+ bedroom homes increased by 5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 21 | 31 | +47.6% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55416, you may be able to get a good deal. 38.7% of homes here sold below asking price last month.
Summary: A total of 31 homes were sold or pending in 55416 in March 2024, up by 47.6% month-over-month. Of the 31 sold homes, 39% were sold under asking, 26% were sold at asking, and 35% were sold over asking.
Days on Market for 55416, MN
How long does it take to sell a home in 55416, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 54 Days | 37 Days | -31.0% |
Summary: Homes in 55416 had an average of 37 days on market in Mar 2024, down by 31% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55416 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 31 homes were sold in 55416; 61% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
