Is 55902, 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, 55902 has remained a Seller's Market.
Key Takeaway
55902 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55902, MN
How much do homes in 55902, MN cost?
Median Sold Price
$416,768
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 55902 have sold for 2% less than they did a year ago.
Summary: The median home sold price in 55902 was $416,768 in March 2024, down 2% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $247.5K | $192.7K | -22.1% |
| 2 Bedrooms | $249.9K | $230K | -8.0% |
| 3 Bedrooms | $325K | $349K | +7.4% |
| 4 Bedrooms | $483K | $455K | -5.8% |
| 5+ Bedrooms | $675K | $768K | +13.8% |
Summary: 55902 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.1%, 2 bedroom homes decreased by 8%, 3 bedroom homes increased by 7.4%, 4 bedroom homes decreased by 5.8%, and 5+ bedroom homes increased by 13.8%.
Housing Supply in 55902, MN
How many homes are available in 55902, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 123 | 158 | +28.5% |
Summary: The 55902 real estate market had 158 homes for sale in March 2024, a 28.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 15 | 20 | +33.3% |
| 3 Bedrooms | 22 | 27 | +22.7% |
| 4 Bedrooms | 38 | 63 | +65.8% |
| 5+ Bedrooms | 46 | 44 | -4.3% |
Summary: The 55902 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 33.3%, 3 bedroom homes increased by 22.7%, 4 bedroom homes increased by 65.8%, and 5+ bedroom homes decreased by 4.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 18 | 32 | +77.8% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55902, you could pay more than the asking price. 46.9% of homes here sold above asking price last month.
Summary: A total of 32 homes were sold or pending in 55902 in March 2024, up by 77.8% month-over-month. Of the 32 sold homes, 38% were sold under asking, 16% were sold at asking, and 47% were sold over asking.
Days on Market for 55902, MN
How long does it take to sell a home in 55902, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 60 Days | 51 Days | -15.8% |
Summary: Homes in 55902 had an average of 51 days on market in Mar 2024, down by 15.8% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55902 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 32 homes were sold in 55902; 63% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
