Is 55720, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, 55720 was a Buyer's Market.
Key Takeaway
55720 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55720, MN
How much do homes in 55720, MN cost?
Median Sold Price
$284,500
$181/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in 55720 have sold for 8.5% less than they did a month ago.
Summary: The median home sold price in 55720 was $284,500 in March 2024, down 8.5% from last month, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $365K | $290K | -20.5% |
| 3 Bedrooms | $257K | $274.9K | +7.0% |
| 4 Bedrooms | - | $247.1K | N/A |
| 5+ Bedrooms | - | $450K | N/A |
Summary: 55720 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 decreased by 20.5%, 3 bedroom homes increased by 7%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Zip Codes
| 55718 | $325K | $370K | +13.8% |
| 55720 | $311K | $284.5K | -8.5% |
Housing Supply in 55720, MN
How many homes are available in 55720, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 32 | 44 | +37.5% |
Summary: The 55720 real estate market had 44 homes for sale in March 2024, a 37.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 2 | +100.0% |
| 2 Bedrooms | 4 | 6 | +50.0% |
| 3 Bedrooms | 16 | 23 | +43.8% |
| 4 Bedrooms | 9 | 10 | +11.1% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 55720 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 50%, 3 bedroom homes increased by 43.8%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 16 | +300.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55720, you could pay more than the asking price. 56.3% of homes here sold above asking price last month.
Summary: A total of 16 homes were sold or pending in 55720 in March 2024, up by 300.0% month-over-month. Of the 16 sold homes, 38% were sold under asking, 6% were sold at asking, and 56% were sold over asking.
Days on Market for 55720, MN
How long does it take to sell a home in 55720, MN?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 31 Days | 23 Days | -22.8% |
Summary: Homes in 55720 had an average of 23 days on market in Mar 2024, down by 22.8% compared to last month.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 55720 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 16 homes were sold in 55720; 69% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
