Is 55901, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55901 is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, 55901 has remained a Seller's Market.

Key Takeaway

55901 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55901, MN

How much do homes in 55901, MN cost?

Median Sold Price

$309,572

$160/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$9,072(+3.0%)

Key Takeaway

Homes in 55901 have sold for 3% more than they did a year ago.

Summary: The median home sold price in 55901 was $309,572 in February 2024, up 3% from last year, and the median price per square foot was $160.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $95K$99.7K
+5.0%
2 $226K$230.5K
+2.0%
3 $283.5K$276K
-2.6%
4 $339K$349.3K
+3.0%
5+ $411K$437.8K
+6.5%

Summary: 55901 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5%, 2 bedroom homes increased by 2%, 3 bedroom homes decreased by 2.6%, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 6.5%.

Median Sold Price Compared To Nearby Zip Codes

55960
+20.5%
55901
+3.0%
55902
-4.2%
55906
-8.5%

Housing Supply in 55901, MN

How many homes are available in 55901, MN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
158174+10.1%

Summary: The 55901 real estate market had 174 homes for sale in February 2024, a 10.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 13
+200.0%
2 3341
+24.2%
3 4046
+15.0%
4 6869
+1.5%
5+ 1615
-6.3%

Summary: The 55901 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 24.2%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes decreased by 6.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
4553+17.8%

Asking Price vs. Sold Price

27 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55901, you may be able to get a good deal. 50.9% of homes here sold below asking price last month.

Summary: A total of 53 homes were sold or pending in 55901 in February 2024, up by 17.8% month-over-month. Of the 53 sold homes, 51% were sold under asking, 23% were sold at asking, and 26% were sold over asking.

Days on Market for 55901, MN

How long does it take to sell a home in 55901, MN?

Average Sale Time

Feb 2023Feb 2024CHANGE
32 Days48 Days+49.2%

Summary: Homes in 55901 had an average of 48 days on market in Feb 2024, up by 49.2% compared to last year.

Breakdown of Home Sale Times

27 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55901 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 53 homes were sold in 55901; 51% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in 55901, MN

Nearby Markets to 55901, MN