Is 56377, 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, 56377 has remained a Seller's Market.
Key Takeaway
56377 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56377, MN
How much do homes in 56377, MN cost?
Median Sold Price
$325,950
$155/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56377 have sold for 5.5% more than they did a year ago.
Summary: The median home sold price in 56377 was $325,950 in April 2024, up 5.5% from last year, and the median price per square foot was $155.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $128K | - | N/A |
| 2 Bedrooms | $259.5K | $254.2K | -2.0% |
| 3 Bedrooms | $275K | $280K | +1.8% |
| 4 Bedrooms | $328.7K | $349.9K | +6.4% |
| 5+ Bedrooms | $535K | $440K | -17.8% |
Summary: 56377 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 2%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes decreased by 17.8%.
Housing Supply in 56377, MN
How many homes are available in 56377, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 68 | 86 | +26.5% |
Summary: The 56377 real estate market had 86 homes for sale in April 2024, a 26.5% 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 | 11 | 12 | +9.1% |
| 3 Bedrooms | 21 | 26 | +23.8% |
| 4 Bedrooms | 23 | 34 | +47.8% |
| 5+ Bedrooms | 13 | 14 | +7.7% |
Summary: The 56377 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 increased by 9.1%, 3 bedroom homes increased by 23.8%, 4 bedroom homes increased by 47.8%, and 5+ bedroom homes increased by 7.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 17 | +112.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56377, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in 56377 in April 2024, up by 112.5% month-over-month. Of the 17 sold homes, 47% were sold under asking, 35% were sold at asking, and 18% were sold over asking.
Days on Market for 56377, MN
How long does it take to sell a home in 56377, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 41 Days | 71 Days | +72.2% |
Summary: Homes in 56377 had an average of 71 days on market in Apr 2024, up by 72.2% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56377 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 17 homes were sold in 56377; 41% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.
