Is 56063, 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, 56063 was a Buyer's Market.
Key Takeaway
56063 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56063, MN
How much do homes in 56063, MN cost?
Median Sold Price
$351,500
$207/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56063 have sold for 1.1% more than they did a year ago.
Summary: The median home sold price in 56063 was $351,500 in April 2024, up 1.1% from last year, and the median price per square foot was $207.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $196.5K | N/A |
| 2 Bedrooms | $304.9K | $302.4K | -0.8% |
| 3 Bedrooms | $310K | $318.2K | +2.6% |
| 4 Bedrooms | $605K | $550K | -9.1% |
| 5+ Bedrooms | $910K | $577.5K | -36.5% |
Summary: 56063 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 decreased by 0.8%, 3 bedroom homes increased by 2.6%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes decreased by 36.5%.
Median Sold Price Compared To Nearby Zip Codes
| 56050 | $257.5K | $370K | +43.7% |
| 56063 | $347.6K | $351.5K | +1.1% |
Housing Supply in 56063, MN
How many homes are available in 56063, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 23 | 28 | +21.7% |
Summary: The 56063 real estate market had 28 homes for sale in April 2024, a 21.7% 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 | 3 | 4 | +33.3% |
| 3 Bedrooms | 13 | 15 | +15.4% |
| 4 Bedrooms | 4 | 5 | +25.0% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The 56063 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 increased by 33.3%, 3 bedroom homes increased by 15.4%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 3 | 5 | +66.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56063, expect to pay close to the asking price. 40% of homes here sold near the asking price last month.
Summary: A total of 5 homes were sold or pending in 56063 in April 2024, up by 66.7% month-over-month. Of the 5 sold homes, 20% were sold under asking, 40% were sold at asking, and 40% were sold over asking.
Days on Market for 56063, MN
How long does it take to sell a home in 56063, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 107 Days | 71 Days | -33.5% |
Summary: Homes in 56063 had an average of 71 days on market in Apr 2024, down by 33.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 56063 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 5 homes were sold in 56063; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
