Is 56071, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 56071 has remained a Seller's Market.
Key Takeaway
56071 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56071, MN
How much do homes in 56071, MN cost?
Median Sold Price
$365,000
$169/sqft
Based on all homes sold in the last 12 months.
The Median Sold Price hasn't changed since April 2023.
Key Takeaway
The sold price of homes in 56071 has remained the same since last year.
Summary: The median home sold price in 56071 was $365,000 in April 2024, the same as last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $400K | $247K | -38.3% |
| 2 Bedrooms | $240.8K | $240K | -0.4% |
| 3 Bedrooms | $306.2K | $337K | +10.0% |
| 4 Bedrooms | $420K | $399K | -5.0% |
| 5+ Bedrooms | $450K | $475K | +5.6% |
Summary: 56071 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 38.3%, 2 bedroom homes decreased by 0.4%, 3 bedroom homes increased by 10%, 4 bedroom homes decreased by 5%, and 5+ bedroom homes increased by 5.6%.
Housing Supply in 56071, MN
How many homes are available in 56071, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 44 | 46 | +4.5% |
Summary: The 56071 real estate market had 46 homes for sale in April 2024, a 4.5% 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 | 5 | 5 | 0.0% |
| 3 Bedrooms | 15 | 13 | -13.3% |
| 4 Bedrooms | 14 | 17 | +21.4% |
| 5+ Bedrooms | 10 | 11 | +10.0% |
Summary: The 56071 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 decreased by 13.3%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 14 | +40.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56071, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in 56071 in April 2024, up by 40.0% month-over-month. Of the 14 sold homes, 29% were sold under asking, 21% were sold at asking, and 50% were sold over asking.
Days on Market for 56071, MN
How long does it take to sell a home in 56071, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 36 Days | 22 Days | -38.8% |
Summary: Homes in 56071 had an average of 22 days on market in Apr 2024, down by 38.8% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56071 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 14 homes were sold in 56071; 79% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
