Is 56288, 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, 56288 has remained a Seller's Market.
Key Takeaway
56288 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56288, MN
How much do homes in 56288, MN cost?
Median Sold Price
$396,000
$171/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56288 have sold for 6.8% less than they did a year ago.
Summary: The median home sold price in 56288 was $396,000 in April 2024, down 6.8% from last year, and the median price per square foot was $171.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $490K | $799.9K | +63.2% |
| 2 Bedrooms | $405K | $335K | -17.3% |
| 3 Bedrooms | $406.2K | $332.5K | -18.2% |
| 4 Bedrooms | $395.5K | $470K | +18.8% |
| 5+ Bedrooms | $710K | $425K | -40.1% |
Summary: 56288 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 63.2%, 2 bedroom homes decreased by 17.3%, 3 bedroom homes decreased by 18.2%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes decreased by 40.1%.
Median Sold Price Compared To Nearby Zip Codes
| 56209 | $212.5K | $270.5K | +27.3% |
| 56273 | $312K | $325K | +4.2% |
| 56288 | $425K | $396K | -6.8% |
Housing Supply in 56288, MN
How many homes are available in 56288, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 36 | 43 | +19.4% |
Summary: The 56288 real estate market had 43 homes for sale in April 2024, a 19.4% 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 | 8 | 11 | +37.5% |
| 3 Bedrooms | 15 | 17 | +13.3% |
| 4 Bedrooms | 8 | 10 | +25.0% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The 56288 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 increased by 37.5%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 4 | 12 | +200.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56288, you could pay more than the asking price. 58.3% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in 56288 in April 2024, up by 200.0% month-over-month. Of the 12 sold homes, 33% were sold under asking, 8% were sold at asking, and 58% were sold over asking.
Days on Market for 56288, MN
How long does it take to sell a home in 56288, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 95 Days | 40 Days | -57.7% |
Summary: Homes in 56288 had an average of 40 days on market in Apr 2024, down by 57.7% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56288 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 12 homes were sold in 56288; 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.
