Is 56345, 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, 56345 has remained a Seller's Market.
Key Takeaway
56345 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56345, MN
How much do homes in 56345, MN cost?
Median Sold Price
$230,500
$129/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56345 have sold for 11.1% more than they did a year ago.
Summary: The median home sold price in 56345 was $230,500 in April 2024, up 11.1% from last year, and the median price per square foot was $129.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $62.5K | $99.9K | +59.8% |
| 2 Bedrooms | $160K | $190K | +18.8% |
| 3 Bedrooms | $190K | $231.7K | +22.0% |
| 4 Bedrooms | $249.9K | $259K | +3.6% |
| 5+ Bedrooms | $328K | $335K | +2.1% |
Summary: 56345 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 59.8%, 2 bedroom homes increased by 18.8%, 3 bedroom homes increased by 22%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 2.1%.
Median Sold Price Compared To Nearby Zip Codes
| 56345 | $207.5K | $230.5K | +11.1% |
| 56373 | $253K | $257.4K | +1.7% |
| 56475 | $235K | $225K | -4.3% |
Housing Supply in 56345, MN
How many homes are available in 56345, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 36 | 47 | +30.6% |
Summary: The 56345 real estate market had 47 homes for sale in April 2024, a 30.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 4 | 8 | +100.0% |
| 3 Bedrooms | 18 | 20 | +11.1% |
| 4 Bedrooms | 8 | 8 | 0.0% |
| 5+ Bedrooms | 5 | 9 | +80.0% |
Summary: The 56345 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 100%, 3 bedroom homes increased by 11.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 80%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 7 | 10 | +42.9% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56345, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in 56345 in April 2024, up by 42.9% month-over-month. Of the 10 sold homes, 40% were sold under asking, 20% were sold at asking, and 40% were sold over asking.
Days on Market for 56345, MN
How long does it take to sell a home in 56345, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 37 Days | 23 Days | -37.2% |
Summary: Homes in 56345 had an average of 23 days on market in Apr 2024, down by 37.2% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 56345 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 10 homes were sold in 56345; 90% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
