Is 56048, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 56048 was a Seller's Market.
Key Takeaway
56048 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 56048, MN
How much do homes in 56048, MN cost?
Median Sold Price
$261,500
$142/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56048 have sold for 1.3% less than they did a year ago.
Summary: The median home sold price in 56048 was $261,500 in April 2024, down 1.3% from last year, and the median price per square foot was $142.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $300K | - | N/A |
| 2 Bedrooms | $205K | $244.9K | +19.5% |
| 3 Bedrooms | $284.9K | $255K | -10.5% |
| 4 Bedrooms | $274.9K | $263K | -4.3% |
| 5+ Bedrooms | $260K | $273K | +5.0% |
Summary: 56048 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 19.5%, 3 bedroom homes decreased by 10.5%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes increased by 5%.
Housing Supply in 56048, MN
How many homes are available in 56048, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 4 | 7 | +75.0% |
Summary: The 56048 real estate market had 7 homes for sale in April 2024, a 75.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 1 | 4 | +300.0% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 56048 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 300%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 0 | 1 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56048, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in 56048 in April 2024, up by 100.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for 56048, MN
How long does it take to sell a home in 56048, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 526 Days | 8 Days | -98.5% |
Summary: Homes in 56048 had an average of 8 days on market in Apr 2024, down by 98.5% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56048 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 1 homes were sold in 56048; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
