Is 56101, 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, 56101 was a Buyer's Market.
Key Takeaway
56101 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56101, MN
How much do homes in 56101, MN cost?
Median Sold Price
$169,900
$99/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 56101 have sold for 3% more than they did a year ago.
Summary: The median home sold price in 56101 was $169,900 in March 2024, up 3% from last year, and the median price per square foot was $99.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $69K | $96K | +39.1% |
| 2 Bedrooms | $123.9K | $136.7K | +10.4% |
| 3 Bedrooms | $172K | $159K | -7.6% |
| 4 Bedrooms | $205K | $196.7K | -4.0% |
| 5+ Bedrooms | $252K | $252.5K | 0.2% |
Summary: 56101 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 39.1%, 2 bedroom homes increased by 10.4%, 3 bedroom homes decreased by 7.6%, 4 bedroom homes decreased by 4%, and 5+ bedroom homes increased by 0.2%.
Housing Supply in 56101, MN
How many homes are available in 56101, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 47 | 44 | -6.4% |
Summary: The 56101 real estate market had 44 homes for sale in March 2024, a 6.4% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 12 | 12 | 0.0% |
| 3 Bedrooms | 18 | 14 | -22.2% |
| 4 Bedrooms | 12 | 12 | 0.0% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The 56101 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 remained the same, 3 bedroom homes decreased by 22.2%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 8 | +33.3% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56101, you may be able to get a good deal. 87.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in 56101 in March 2024, up by 33.3% month-over-month. Of the 8 sold homes, 88% were sold under asking, 13% were sold at asking, and 0% were sold over asking.
Days on Market for 56101, MN
How long does it take to sell a home in 56101, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 52 Days | 146 Days | +179.9% |
Summary: Homes in 56101 had an average of 146 days on market in Mar 2024, up by 179.9% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 56101 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 8 homes were sold in 56101; 25% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 75% of homes were sold over 90 days.
