Is 56187, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
At the same time last year, 56187 was a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $84K | $112K | +33.3% |
2 Bedrooms | $137.2K | $185K | +34.8% |
3 Bedrooms | $224K | $237K | +5.8% |
4 Bedrooms | $277K | $290K | +4.7% |
5+ Bedrooms | $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 2024 | Feb 2024 | CHANGE |
---|---|---|
34 | 42 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 8 | 10 | +25.0% |
3 Bedrooms | 14 | 15 | +7.1% |
4 Bedrooms | 9 | 13 | +44.4% |
5+ Bedrooms | 3 | 4 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
4 | 6 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
112 Days | 34 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
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.