Is 55422, 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, 55422 has remained a Seller's Market.
Key Takeaway
55422 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55422, MN
How much do homes in 55422, MN cost?
Median Sold Price
$327,750
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 55422 have sold for 0.8% more than they did a year ago.
Summary: The median home sold price in 55422 was $327,750 in March 2024, up 0.8% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $49K | $173K | +253.1% |
| 2 Bedrooms | $247.5K | $250K | +1.0% |
| 3 Bedrooms | $315.4K | $315.6K | 0.1% |
| 4 Bedrooms | $382K | $415K | +8.6% |
| 5+ Bedrooms | $449.9K | $520K | +15.6% |
Summary: 55422 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 253.1%, 2 bedroom homes increased by 1%, 3 bedroom homes increased by 0.1%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes increased by 15.6%.
Housing Supply in 55422, MN
How many homes are available in 55422, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 96 | 111 | +15.6% |
Summary: The 55422 real estate market had 111 homes for sale in March 2024, a 15.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 15 | 15 | 0.0% |
| 3 Bedrooms | 41 | 41 | 0.0% |
| 4 Bedrooms | 31 | 46 | +48.4% |
| 5+ Bedrooms | 7 | 5 | -28.6% |
Summary: The 55422 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 48.4%, and 5+ bedroom homes decreased by 28.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 25 | 30 | +20.0% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55422, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 30 homes were sold or pending in 55422 in March 2024, up by 20.0% month-over-month. Of the 30 sold homes, 37% were sold under asking, 13% were sold at asking, and 50% were sold over asking.
Days on Market for 55422, MN
How long does it take to sell a home in 55422, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 26 Days | 32 Days | +24.4% |
Summary: Homes in 55422 had an average of 32 days on market in Mar 2024, up by 24.4% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55422 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 30 homes were sold in 55422; 67% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
