Is 55424, 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, 55424 has remained a Seller's Market.
Key Takeaway
55424 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55424, MN
How much do homes in 55424, MN cost?
Median Sold Price
$1,091,000
$338/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 55424 have sold for 13.6% more than they did a year ago.
Summary: The median home sold price in 55424 was $1,091,000 in March 2024, up 13.6% from last year, and the median price per square foot was $338.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $475K | $673K | +41.7% |
| 3 Bedrooms | $620K | $621.5K | 0.2% |
| 4 Bedrooms | $900K | $1.0M | +11.9% |
| 5+ Bedrooms | $1.4M | $1.7M | +18.7% |
Summary: 55424 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 41.7%, 3 bedroom homes increased by 0.2%, 4 bedroom homes increased by 11.9%, and 5+ bedroom homes increased by 18.7%.
Housing Supply in 55424, MN
How many homes are available in 55424, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 41 | 50 | +22.0% |
Summary: The 55424 real estate market had 50 homes for sale in March 2024, a 22.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 11 | 15 | +36.4% |
| 4 Bedrooms | 12 | 11 | -8.3% |
| 5+ Bedrooms | 18 | 24 | +33.3% |
Summary: The 55424 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 remained the same, 3 bedroom homes increased by 36.4%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 10 | +100.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55424, you could pay more than the asking price. 40% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in 55424 in March 2024, up by 100.0% month-over-month. Of the 10 sold homes, 30% were sold under asking, 30% were sold at asking, and 40% were sold over asking.
Days on Market for 55424, MN
How long does it take to sell a home in 55424, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 14 Days | 49 Days | +242.1% |
Summary: Homes in 55424 had an average of 49 days on market in Mar 2024, up by 242.1% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 55424 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 10 homes were sold in 55424; 80% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
