Is 56501, 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, 56501 was a Seller's Market.
Key Takeaway
56501 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 56501, MN
How much do homes in 56501, MN cost?
Median Sold Price
$341,375
$184/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56501 have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in 56501 was $341,375 in April 2024, up 3.3% from last year, and the median price per square foot was $184.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $155K | $269K | +73.5% |
| 2 Bedrooms | $261.2K | $205K | -21.5% |
| 3 Bedrooms | $344.5K | $377.5K | +9.6% |
| 4 Bedrooms | $399.4K | $407.5K | +2.0% |
| 5+ Bedrooms | $549K | $639.5K | +16.5% |
Summary: 56501 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 73.5%, 2 bedroom homes decreased by 21.5%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 2%, and 5+ bedroom homes increased by 16.5%.
Median Sold Price Compared To Nearby Zip Codes
| 56544 | $271.5K | $313K | +15.3% |
| 56501 | $330.6K | $341.3K | +3.3% |
Housing Supply in 56501, MN
How many homes are available in 56501, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 119 | 135 | +13.4% |
Summary: The 56501 real estate market had 135 homes for sale in April 2024, a 13.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 33 | 32 | -3.0% |
| 3 Bedrooms | 33 | 44 | +33.3% |
| 4 Bedrooms | 33 | 39 | +18.2% |
| 5+ Bedrooms | 19 | 19 | 0.0% |
Summary: The 56501 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 decreased by 3%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 18.2%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 18 | 21 | +16.7% |
Asking Price vs. Sold Price
14 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 56501, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in 56501 in April 2024, up by 16.7% month-over-month. Of the 21 sold homes, 67% were sold under asking, 19% were sold at asking, and 14% were sold over asking.
Days on Market for 56501, MN
How long does it take to sell a home in 56501, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 58 Days | 26 Days | -55.0% |
Summary: Homes in 56501 had an average of 26 days on market in Apr 2024, down by 55% compared to last year.
Breakdown of Home Sale Times
10 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 56501 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 21 homes were sold in 56501; 48% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
