Is 55431, 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, 55431 has remained a Seller's Market.
Key Takeaway
55431 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55431, MN
How much do homes in 55431, MN cost?
Median Sold Price
$375,000
$189/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 55431 have sold for 2.7% more than they did a year ago.
Summary: The median home sold price in 55431 was $375,000 in March 2024, up 2.7% from last year, and the median price per square foot was $189.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $173.5K | $124.5K | -28.2% |
| 2 Bedrooms | $241K | $307.5K | +27.6% |
| 3 Bedrooms | $355K | $365K | +2.8% |
| 4 Bedrooms | $390K | $405K | +3.8% |
| 5+ Bedrooms | $448.7K | $455K | +1.4% |
Summary: 55431 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 28.2%, 2 bedroom homes increased by 27.6%, 3 bedroom homes increased by 2.8%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 1.4%.
Housing Supply in 55431, MN
How many homes are available in 55431, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 34 | 46 | +35.3% |
Summary: The 55431 real estate market had 46 homes for sale in March 2024, a 35.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 5 | 8 | +60.0% |
| 3 Bedrooms | 13 | 21 | +61.5% |
| 4 Bedrooms | 13 | 13 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The 55431 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 increased by 60%, 3 bedroom homes increased by 61.5%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 12 | +50.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55431, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in 55431 in March 2024, up by 50.0% month-over-month. Of the 12 sold homes, 67% were sold under asking, 8% were sold at asking, and 25% were sold over asking.
Days on Market for 55431, MN
How long does it take to sell a home in 55431, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 17 Days | 36 Days | +110.9% |
Summary: Homes in 55431 had an average of 36 days on market in Mar 2024, up by 110.9% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 55431 has remained consistent over time.
Summary: During March 2024, 12 homes were sold in 55431; 42% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
