Is 56340, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56340 is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, 56340 has remained a Seller's Market.

Key Takeaway

56340 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56340, MN

How much do homes in 56340, MN cost?

Median Sold Price

$227,000

$151/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

-$25,450(-10.1%)

Key Takeaway

Homes in 56340 have sold for 10.1% less than they did a year ago.

Summary: The median home sold price in 56340 was $227,000 in September 2024, down 10.1% from last year, and the median price per square foot was $151.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 --
N/A
2 $153K$168K
+9.8%
3 $290K$197.8K
-31.8%
4 $490K$330K
-32.7%
5+ -$480K
N/A

Summary: 56340 housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.8%, 3 bedroom homes decreased by 31.8%, 4 bedroom homes decreased by 32.7%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Zip Codes

56310
+0.9%
56374
0.0%
56340
-10.1%

Housing Supply in 56340, MN

How many homes are available in 56340, MN?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
78+14.3%

Summary: The 56340 real estate market had 8 homes for sale in September 2024, a 14.3% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 11
0.0%
3 34
+33.3%
4 23
+50.0%
5+ 10
-100.0%

Summary: The 56340 housing inventory by bedroom type for September 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 increased by 50%, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
220.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56340, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 2 homes were sold or pending in 56340 in September 2024, the same as the previous month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.

Days on Market for 56340, MN

How long does it take to sell a home in 56340, MN?

Average Sale Time

Sep 2023Sep 2024CHANGE
29 Days22 Days-24.1%

Summary: Homes in 56340 had an average of 22 days on market in Sep 2024, down by 24.1% 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56340 are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 2 homes were sold in 56340; 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 30 Days Ago

Newest Listings in 56340, MN

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