Is 56438, 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, 56438 has remained a Seller's Market.
Key Takeaway
56438 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56438, MN
How much do homes in 56438, MN cost?
Median Sold Price
$174,900
$136/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56438 have sold for 4.4% more than they did a year ago.
Summary: The median home sold price in 56438 was $174,900 in April 2024, up 4.4% from last year, and the median price per square foot was $136.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $323K | $145K | -55.1% |
| 2 Bedrooms | $155K | $164.9K | +6.4% |
| 3 Bedrooms | $172.5K | $179.9K | +4.3% |
| 4 Bedrooms | $433.7K | $212K | -51.1% |
| 5+ Bedrooms | - | $365K | N/A |
Summary: 56438 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 55.1%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 4.3%, 4 bedroom homes decreased by 51.1%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Zip Codes
| 56347 | $200K | $210K | +5.0% |
| 56438 | $167.5K | $174.9K | +4.4% |
| 56475 | $235K | $225K | -4.3% |
Housing Supply in 56438, MN
How many homes are available in 56438, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 16 | +60.0% |
Summary: The 56438 real estate market had 16 homes for sale in April 2024, a 60.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 0 | 1 | +100.0% |
| 3 Bedrooms | 7 | 9 | +28.6% |
| 4 Bedrooms | 3 | 5 | +66.7% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 56438 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 0 | 4 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56438, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in 56438 in April 2024, up by 100.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for 56438, MN
How long does it take to sell a home in 56438, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 29 Days | 121 Days | +312.7% |
Summary: Homes in 56438 had an average of 121 days on market in Apr 2024, up by 312.7% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56438 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in 56438; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
