Is 56285, 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, 56285 has remained a Seller's Market.
Key Takeaway
56285 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56285, MN
How much do homes in 56285, MN cost?
Median Sold Price
$190,000
$93/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56285 have sold for 59.9% more than they did a year ago.
Summary: The median home sold price in 56285 was $190,000 in April 2024, up 59.9% from last year, and the median price per square foot was $93.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $52.8K | $130K | +146.2% |
| 3 Bedrooms | $126.8K | $159K | +25.4% |
| 4 Bedrooms | $97K | $285K | +193.8% |
| 5+ Bedrooms | - | $165.1K | N/A |
Summary: 56285 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 146.2%, 3 bedroom homes increased by 25.4%, 4 bedroom homes increased by 193.8%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Zip Codes
| 56285 | $118.8K | $190K | +59.9% |
| 56241 | $143.5K | $172K | +19.9% |
Housing Supply in 56285, MN
How many homes are available in 56285, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 5 | 7 | +40.0% |
Summary: The 56285 real estate market had 7 homes for sale in April 2024, a 40.0% 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 | 2 | 2 | 0.0% |
| 3 Bedrooms | 3 | 4 | +33.3% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The 56285 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 remained the same, 3 bedroom homes increased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 0 | 2 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56285, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in 56285 in April 2024, up by 100.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for 56285, MN
How long does it take to sell a home in 56285, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 131 Days | 35 Days | -72.9% |
Summary: Homes in 56285 had an average of 35 days on market in Apr 2024, down by 72.9% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56285 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 2 homes were sold in 56285; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
