Is 56175, 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, 56175 has remained a Seller's Market.
Key Takeaway
56175 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56175, MN
How much do homes in 56175, MN cost?
Median Sold Price
$120,000
$81/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56175 have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in 56175 was $120,000 in April 2024, up 9.1% from last year, and the median price per square foot was $81.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $47.5K | $300K | +531.6% |
| 2 Bedrooms | $190K | $91.4K | -51.9% |
| 3 Bedrooms | $107K | $119K | +11.2% |
| 4 Bedrooms | $86.5K | $175K | +102.3% |
| 5+ Bedrooms | $516K | $434K | -15.9% |
Summary: 56175 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 531.6%, 2 bedroom homes decreased by 51.9%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 102.3%, and 5+ bedroom homes decreased by 15.9%.
Housing Supply in 56175, MN
How many homes are available in 56175, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 14 | +16.7% |
Summary: The 56175 real estate market had 14 homes for sale in April 2024, a 16.7% 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 | 5 | 2 | -60.0% |
| 3 Bedrooms | 4 | 6 | +50.0% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 0 | 2 | +100.0% |
Summary: The 56175 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 decreased by 60%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 4 | 3 | -25.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56175, expect to pay close to the asking price. 66.7% of homes here sold near the asking price last month.
Summary: A total of 3 homes were sold or pending in 56175 in April 2024, down by 25.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 67% were sold at asking, and 0% were sold over asking.
Days on Market for 56175, MN
How long does it take to sell a home in 56175, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 194 Days | 90 Days | -53.6% |
Summary: Homes in 56175 had an average of 90 days on market in Apr 2024, down by 53.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 56175 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 3 homes were sold in 56175; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
