Is 56201, 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, 56201 has remained a Seller's Market.
Key Takeaway
56201 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56201, MN
How much do homes in 56201, MN cost?
Median Sold Price
$225,000
$124/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56201 have sold for 4.7% more than they did a year ago.
Summary: The median home sold price in 56201 was $225,000 in April 2024, up 4.7% from last year, and the median price per square foot was $124.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $96.2K | $102K | +6.0% |
| 2 Bedrooms | $170K | $166.3K | -2.1% |
| 3 Bedrooms | $210K | $207.5K | -1.2% |
| 4 Bedrooms | $262K | $276.5K | +5.6% |
| 5+ Bedrooms | $295K | $320K | +8.5% |
Summary: 56201 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6%, 2 bedroom homes decreased by 2.1%, 3 bedroom homes decreased by 1.2%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 8.5%.
Median Sold Price Compared To Nearby Zip Codes
| 56201 | $215K | $225K | +4.7% |
| 56288 | $425K | $396K | -6.8% |
Housing Supply in 56201, MN
How many homes are available in 56201, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 50 | 60 | +20.0% |
Summary: The 56201 real estate market had 60 homes for sale in April 2024, a 20.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 10 | 13 | +30.0% |
| 3 Bedrooms | 21 | 23 | +9.5% |
| 4 Bedrooms | 15 | 18 | +20.0% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The 56201 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 30%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 13 | 15 | +15.4% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56201, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 15 homes were sold or pending in 56201 in April 2024, up by 15.4% month-over-month. Of the 15 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for 56201, MN
How long does it take to sell a home in 56201, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 51 Days | 24 Days | -52.5% |
Summary: Homes in 56201 had an average of 24 days on market in Apr 2024, down by 52.5% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 56201 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 15 homes were sold in 56201; 80% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
