Is 56431, 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, 56431 was a Seller's Market.
Key Takeaway
56431 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 56431, MN
How much do homes in 56431, MN cost?
Median Sold Price
$275,000
$183/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56431 have sold for 4.2% less than they did a year ago.
Summary: The median home sold price in 56431 was $275,000 in April 2024, down 4.2% from last year, and the median price per square foot was $183.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $109.5K | $162.5K | +48.4% |
| 2 Bedrooms | $264K | $224.9K | -14.8% |
| 3 Bedrooms | $336.2K | $291.4K | -13.3% |
| 4 Bedrooms | $365K | $365K | 0.0% |
| 5+ Bedrooms | $230K | $470K | +104.3% |
Summary: 56431 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 48.4%, 2 bedroom homes decreased by 14.8%, 3 bedroom homes decreased by 13.3%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 104.3%.
Median Sold Price Compared To Nearby Zip Codes
| 56431 | $287K | $275K | -4.2% |
| 56441 | $211K | $200K | -5.2% |
| 56447 | $349K | $329.5K | -5.6% |
| 56444 | $385K | $340K | -11.7% |
Housing Supply in 56431, MN
How many homes are available in 56431, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 36 | 51 | +41.7% |
Summary: The 56431 real estate market had 51 homes for sale in April 2024, a 41.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 11 | 13 | +18.2% |
| 3 Bedrooms | 15 | 21 | +40.0% |
| 4 Bedrooms | 8 | 11 | +37.5% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The 56431 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 40%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 8 | -20.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56431, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 8 homes were sold or pending in 56431 in April 2024, down by 20.0% month-over-month. Of the 8 sold homes, 38% were sold under asking, 50% were sold at asking, and 13% were sold over asking.
Days on Market for 56431, MN
How long does it take to sell a home in 56431, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 34 Days | 41 Days | +20.0% |
Summary: Homes in 56431 had an average of 41 days on market in Apr 2024, up by 20% compared to last year.
Breakdown of Home Sale Times
4 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 56431 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 8 homes were sold in 56431; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
