Is 56007, 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, 56007 has remained a Seller's Market.
Key Takeaway
56007 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56007, MN
How much do homes in 56007, MN cost?
Median Sold Price
$160,050
$105/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 56007 have sold for 0.7% more than they did a year ago.
Summary: The median home sold price in 56007 was $160,050 in March 2024, up 0.7% from last year, and the median price per square foot was $105.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $64K | $116K | +81.3% |
| 2 Bedrooms | $132.4K | $115K | -13.2% |
| 3 Bedrooms | $154K | $156.4K | +1.6% |
| 4 Bedrooms | $237.4K | $207.5K | -12.6% |
| 5+ Bedrooms | $251K | $303.5K | +20.9% |
Summary: 56007 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 81.3%, 2 bedroom homes decreased by 13.2%, 3 bedroom homes increased by 1.6%, 4 bedroom homes decreased by 12.6%, and 5+ bedroom homes increased by 20.9%.
Housing Supply in 56007, MN
How many homes are available in 56007, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 57 | 63 | +10.5% |
Summary: The 56007 real estate market had 63 homes for sale in March 2024, a 10.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 11 | 16 | +45.5% |
| 3 Bedrooms | 27 | 29 | +7.4% |
| 4 Bedrooms | 15 | 14 | -6.7% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The 56007 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 increased by 45.5%, 3 bedroom homes increased by 7.4%, 4 bedroom homes decreased by 6.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 16 | +33.3% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56007, you may be able to get a good deal. 87.5% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in 56007 in March 2024, up by 33.3% month-over-month. Of the 16 sold homes, 88% were sold under asking, 6% were sold at asking, and 6% were sold over asking.
Days on Market for 56007, MN
How long does it take to sell a home in 56007, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 79 Days | 88 Days | +11.0% |
Summary: Homes in 56007 had an average of 88 days on market in Mar 2024, up by 11% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 56007 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 16 homes were sold in 56007; 38% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 44% of homes were sold over 90 days.
