Is 56442, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56442 is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, 56442 was a Seller's Market.

Key Takeaway

56442 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 56442, MN

How much do homes in 56442, MN cost?

Median Sold Price

$505,000

$342/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$5,000(-1.0%)

Key Takeaway

Homes in 56442 have sold for 1% less than they did a year ago.

Summary: The median home sold price in 56442 was $505,000 in February 2024, down 1% from last year, and the median price per square foot was $342.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $135K$141.9K
+5.1%
2 $347.5K$374.9K
+7.9%
3 $635K$590K
-7.1%
4 $785K$910K
+15.9%
5+ $1.1M$1.6M
+44.4%

Summary: 56442 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.1%, 2 bedroom homes increased by 7.9%, 3 bedroom homes decreased by 7.1%, 4 bedroom homes increased by 15.9%, and 5+ bedroom homes increased by 44.4%.

Median Sold Price Compared To Nearby Zip Codes

56442
-1.0%
56441
-2.4%

Housing Supply in 56442, MN

How many homes are available in 56442, MN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1826+44.4%

Summary: The 56442 real estate market had 26 homes for sale in February 2024, a 44.4% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 22
0.0%
2 56
+20.0%
3 39
+200.0%
4 78
+14.3%
5+ 11
0.0%

Summary: The 56442 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 200%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
21-50.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56442, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 1 homes were sold or pending in 56442 in February 2024, down by 50.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for 56442, MN

How long does it take to sell a home in 56442, MN?

Average Sale Time

Feb 2023Feb 2024CHANGE
129 Days1 Day-99.2%

Summary: Homes in 56442 had an average of 1 days on market in Feb 2024, down by 99.2% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56442 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 1 homes were sold in 56442; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in 56442, MN

Nearby Markets to 56442, MN