Is 56347, 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, 56347 has remained a Seller's Market.
Key Takeaway
56347 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56347, MN
How much do homes in 56347, MN cost?
Median Sold Price
$210,000
$129/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56347 have sold for 5% more than they did a year ago.
Summary: The median home sold price in 56347 was $210,000 in April 2024, up 5% 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 | $51K | - | N/A |
| 2 Bedrooms | $127.5K | $145K | +13.7% |
| 3 Bedrooms | $180K | $227.5K | +26.4% |
| 4 Bedrooms | $278K | $244K | -12.2% |
| 5+ Bedrooms | $305K | $540K | +77.0% |
Summary: 56347 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 13.7%, 3 bedroom homes increased by 26.4%, 4 bedroom homes decreased by 12.2%, and 5+ bedroom homes increased by 77%.
Median Sold Price Compared To Nearby Zip Codes
| 56360 | $250K | $275K | +10.0% |
| 56347 | $200K | $210K | +5.0% |
Housing Supply in 56347, MN
How many homes are available in 56347, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 26 | 32 | +23.1% |
Summary: The 56347 real estate market had 32 homes for sale in April 2024, a 23.1% 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 | 6 | 8 | +33.3% |
| 3 Bedrooms | 9 | 9 | 0.0% |
| 4 Bedrooms | 7 | 9 | +28.6% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The 56347 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 33.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 3 | 10 | +233.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56347, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in 56347 in April 2024, up by 233.3% month-over-month. Of the 10 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for 56347, MN
How long does it take to sell a home in 56347, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 12 Days | 47 Days | +296.7% |
Summary: Homes in 56347 had an average of 47 days on market in Apr 2024, up by 296.7% compared to last year.
Breakdown of Home Sale Times
6 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 56347 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 10 homes were sold in 56347; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
