Is 56374, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 56374 was a Neutral Market.
Key Takeaway
56374 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56374, MN
How much do homes in 56374, MN cost?
Median Sold Price
$290,000
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56374 have sold for 5% more than they did a year ago.
Summary: The median home sold price in 56374 was $290,000 in April 2024, up 5% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $270K | $205K | -24.1% |
| 3 Bedrooms | $245K | $260K | +6.1% |
| 4 Bedrooms | $296K | $288.8K | -2.4% |
| 5+ Bedrooms | $352.4K | $351.9K | -0.1% |
Summary: 56374 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 decreased by 24.1%, 3 bedroom homes increased by 6.1%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes decreased by 0.1%.
Housing Supply in 56374, MN
How many homes are available in 56374, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 23 | 27 | +17.4% |
Summary: The 56374 real estate market had 27 homes for sale in April 2024, a 17.4% 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 | 2 | 2 | 0.0% |
| 3 Bedrooms | 10 | 10 | 0.0% |
| 4 Bedrooms | 8 | 11 | +37.5% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The 56374 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 5 | 7 | +40.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56374, you could pay more than the asking price. 71.4% of homes here sold above asking price last month.
Summary: A total of 7 homes were sold or pending in 56374 in April 2024, up by 40.0% month-over-month. Of the 7 sold homes, 14% were sold under asking, 14% were sold at asking, and 71% were sold over asking.
Days on Market for 56374, MN
How long does it take to sell a home in 56374, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 17 Days | 20 Days | +18.5% |
Summary: Homes in 56374 had an average of 20 days on market in Apr 2024, up by 18.5% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56374 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 7 homes were sold in 56374; 71% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
