Is 56308, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 56308 was a Neutral Market.
Key Takeaway
56308 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56308, MN
How much do homes in 56308, MN cost?
Median Sold Price
$350,500
$176/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 56308 have sold for 19.3% more than they did a year ago.
Summary: The median home sold price in 56308 was $350,500 in March 2024, up 19.3% from last year, and the median price per square foot was $176.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $122K | $95K | -22.1% |
| 2 Bedrooms | $250K | $303.5K | +21.4% |
| 3 Bedrooms | $262K | $312.5K | +19.3% |
| 4 Bedrooms | $350.5K | $379.8K | +8.4% |
| 5+ Bedrooms | $540K | $525K | -2.8% |
Summary: 56308 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.1%, 2 bedroom homes increased by 21.4%, 3 bedroom homes increased by 19.3%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes decreased by 2.8%.
Housing Supply in 56308, MN
How many homes are available in 56308, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 86 | 109 | +26.7% |
Summary: The 56308 real estate market had 109 homes for sale in March 2024, a 26.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 20 | 25 | +25.0% |
| 3 Bedrooms | 23 | 28 | +21.7% |
| 4 Bedrooms | 25 | 31 | +24.0% |
| 5+ Bedrooms | 17 | 22 | +29.4% |
Summary: The 56308 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 21.7%, 4 bedroom homes increased by 24%, and 5+ bedroom homes increased by 29.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 9 | -18.2% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56308, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in 56308 in March 2024, down by 18.2% month-over-month. Of the 9 sold homes, 44% were sold under asking, 33% were sold at asking, and 22% were sold over asking.
Days on Market for 56308, MN
How long does it take to sell a home in 56308, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 74 Days | 32 Days | -56.1% |
Summary: Homes in 56308 had an average of 32 days on market in Mar 2024, down by 56.1% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56308 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 9 homes were sold in 56308; 78% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
