Is 56187, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56187 is a neutral's market

Buyer's
Market

Difference Since February 2023

At the same time last year, 56187 was a Seller's Market.

Key Takeaway

56187 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 56187, MN

How much do homes in 56187, MN cost?

Median Sold Price

$235,000

$142/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$15,000(+6.8%)

Key Takeaway

Homes in 56187 have sold for 6.8% more than they did a year ago.

Summary: The median home sold price in 56187 was $235,000 in February 2024, up 6.8% from last year, and the median price per square foot was $142.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $84K$112K
+33.3%
2 $137.2K$185K
+34.8%
3 $224K$237K
+5.8%
4 $277K$290K
+4.7%
5+ $327K$330K
+0.9%

Summary: 56187 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 34.8%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes increased by 0.9%.

Housing Supply in 56187, MN

How many homes are available in 56187, MN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
3442+23.5%

Summary: The 56187 real estate market had 42 homes for sale in February 2024, a 23.5% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 810
+25.0%
3 1415
+7.1%
4 913
+44.4%
5+ 34
+33.3%

Summary: The 56187 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 44.4%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
46+50.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56187, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in 56187 in February 2024, up by 50.0% month-over-month. Of the 6 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.

Days on Market for 56187, MN

How long does it take to sell a home in 56187, MN?

Average Sale Time

Feb 2023Feb 2024CHANGE
112 Days34 Days-69.1%

Summary: Homes in 56187 had an average of 34 days on market in Feb 2024, down by 69.1% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56187 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 6 homes were sold in 56187; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in 56187, MN

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