Is 56401, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 56401 has remained a Seller's Market.
Housing Prices in 56401, MN
How much do homes in 56401, MN cost?
Median Sold Price
$282,000
$175/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 56401 was $282,000 in March 2024, up 2.8% from last year, and the median price per square foot was $175.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $145K | $127.4K | -12.1% |
2 Bedrooms | $205K | $230K | +12.2% |
3 Bedrooms | $259.9K | $265K | +1.9% |
4 Bedrooms | $321.5K | $366.2K | +13.9% |
5+ Bedrooms | $405K | $525K | +29.6% |
Summary: 56401 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 12.1%, 2 bedroom homes increased by 12.2%, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 13.9%, and 5+ bedroom homes increased by 29.6%.
Housing Supply in 56401, MN
How many homes are available in 56401, MN?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
111 | 132 | +18.9% |
Summary: The 56401 real estate market had 132 homes for sale in March 2024, a 18.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 3 | 0.0% |
2 Bedrooms | 30 | 29 | -3.3% |
3 Bedrooms | 35 | 48 | +37.1% |
4 Bedrooms | 27 | 33 | +22.2% |
5+ Bedrooms | 16 | 19 | +18.8% |
Summary: The 56401 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 3.3%, 3 bedroom homes increased by 37.1%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes increased by 18.8%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
17 | 33 | +94.1% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 33 homes were sold or pending in 56401 in March 2024, up by 94.1% month-over-month. Of the 33 sold homes, 27% were sold under asking, 24% were sold at asking, and 48% were sold over asking.
Days on Market for 56401, MN
How long does it take to sell a home in 56401, MN?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
38 Days | 40 Days | +4.1% |
Summary: Homes in 56401 had an average of 40 days on market in Mar 2024, up by 4.1% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During March 2024, 33 homes were sold in 56401; 61% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.