Is 55616, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, 55616 has remained a Seller's Market.
Key Takeaway
55616 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55616, MN
How much do homes in 55616, MN cost?
Median Sold Price
$262,500
$135/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in 55616 have sold for 9.5% less than they did a month ago.
Summary: The median home sold price in 55616 was $262,500 in March 2024, down 9.5% from last month, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $328K | - | N/A |
| 3 Bedrooms | $420K | $243.7K | -42.0% |
| 4 Bedrooms | $290K | - | N/A |
| 5+ Bedrooms | - | $520K | N/A |
Summary: 55616 housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 42%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Zip Codes
| 55616 | $290K | $262.5K | -9.5% |
| 55614 | $855K | $179.4K | -79.0% |
Housing Supply in 55616, MN
How many homes are available in 55616, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 23 | 23 | 0.0% |
Summary: The 55616 real estate market had 23 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 7 | 0.0% |
| 3 Bedrooms | 11 | 12 | +9.1% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 55616 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 9.1%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 6 | +20.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 55616, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in 55616 in March 2024, up by 20.0% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for 55616, MN
How long does it take to sell a home in 55616, MN?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 91 Days | 81 Days | -11.2% |
Summary: Homes in 55616 had an average of 81 days on market in Mar 2024, down by 11.2% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 55616 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 6 homes were sold in 55616; 33% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
