Is 56031, 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, 56031 was a Buyer's Market.
Key Takeaway
56031 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56031, MN
How much do homes in 56031, MN cost?
Median Sold Price
$190,000
$109/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 56031 have sold for 29.3% more than they did a year ago.
Summary: The median home sold price in 56031 was $190,000 in March 2024, up 29.3% from last year, and the median price per square foot was $109.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $60.2K | $80K | +32.8% |
| 2 Bedrooms | $114.5K | $123K | +7.5% |
| 3 Bedrooms | $147.6K | $190.7K | +29.2% |
| 4 Bedrooms | $200K | $280K | +40.0% |
| 5+ Bedrooms | $299.9K | $210.5K | -29.8% |
Summary: 56031 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 32.8%, 2 bedroom homes increased by 7.5%, 3 bedroom homes increased by 29.2%, 4 bedroom homes increased by 40%, and 5+ bedroom homes decreased by 29.8%.
Housing Supply in 56031, MN
How many homes are available in 56031, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 44 | 47 | +6.8% |
Summary: The 56031 real estate market had 47 homes for sale in March 2024, a 6.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 14 | 17 | +21.4% |
| 3 Bedrooms | 15 | 15 | 0.0% |
| 4 Bedrooms | 10 | 12 | +20.0% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The 56031 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 21.4%, 3 bedroom homes remained the same, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 9 | +50.0% |
Asking Price vs. Sold Price
5 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 56031, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in 56031 in March 2024, up by 50.0% month-over-month. Of the 9 sold homes, 56% were sold under asking, 22% were sold at asking, and 22% were sold over asking.
Days on Market for 56031, MN
How long does it take to sell a home in 56031, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 21 Days | 84 Days | +290.7% |
Summary: Homes in 56031 had an average of 84 days on market in Mar 2024, up by 290.7% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 56031 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 9 homes were sold in 56031; 33% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 56% of homes were sold over 90 days.
