Is 56425, 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, 56425 was a Seller's Market.
Key Takeaway
56425 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 56425, MN
How much do homes in 56425, MN cost?
Median Sold Price
$350,000
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56425 have sold for 9.4% more than they did a year ago.
Summary: The median home sold price in 56425 was $350,000 in April 2024, up 9.4% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $276K | $302.5K | +9.6% |
| 3 Bedrooms | $287.5K | $335K | +16.5% |
| 4 Bedrooms | $349.9K | $358K | +2.3% |
| 5+ Bedrooms | $370.9K | $430K | +15.9% |
Summary: 56425 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 9.6%, 3 bedroom homes increased by 16.5%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes increased by 15.9%.
Housing Supply in 56425, MN
How many homes are available in 56425, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 50 | 66 | +32.0% |
Summary: The 56425 real estate market had 66 homes for sale in April 2024, a 32.0% 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 | 14 | 15 | +7.1% |
| 3 Bedrooms | 21 | 25 | +19.0% |
| 4 Bedrooms | 10 | 20 | +100.0% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The 56425 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 7.1%, 3 bedroom homes increased by 19%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 6 | 11 | +83.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56425, you may be able to get a good deal. 36.4% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in 56425 in April 2024, up by 83.3% month-over-month. Of the 11 sold homes, 36% were sold under asking, 36% were sold at asking, and 27% were sold over asking.
Days on Market for 56425, MN
How long does it take to sell a home in 56425, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 19 Days | 33 Days | +70.9% |
Summary: Homes in 56425 had an average of 33 days on market in Apr 2024, up by 70.9% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 56425 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 11 homes were sold in 56425; 55% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
