Is 56011, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 56011 was a Seller's Market.
Key Takeaway
56011 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56011, MN
How much do homes in 56011, MN cost?
Median Sold Price
$336,900
$172/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 56011 have sold for 2.1% more than they did a year ago.
Summary: The median home sold price in 56011 was $336,900 in March 2024, up 2.1% from last year, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $160K | N/A |
| 2 Bedrooms | $268.9K | $289.9K | +7.8% |
| 3 Bedrooms | $310K | $320K | +3.2% |
| 4 Bedrooms | $346.5K | $347.4K | 0.3% |
| 5+ Bedrooms | $386K | $389.9K | +1.0% |
Summary: 56011 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 0.3%, and 5+ bedroom homes increased by 1%.
Housing Supply in 56011, MN
How many homes are available in 56011, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 41 | 46 | +12.2% |
Summary: The 56011 real estate market had 46 homes for sale in March 2024, a 12.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 20 | 22 | +10.0% |
| 4 Bedrooms | 15 | 18 | +20.0% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The 56011 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 decreased by 50%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 6 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56011, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in 56011 in March 2024, the same as the previous month. Of the 6 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.
Days on Market for 56011, MN
How long does it take to sell a home in 56011, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 36 Days | 21 Days | -42.2% |
Summary: Homes in 56011 had an average of 21 days on market in Mar 2024, down by 42.2% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 56011 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 6 homes were sold in 56011; 83% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
