Is 56511, 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, 56511 has remained a Seller's Market.
Key Takeaway
56511 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56511, MN
How much do homes in 56511, MN cost?
Median Sold Price
$377,750
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56511 have sold for 31.9% less than they did a year ago.
Summary: The median home sold price in 56511 was $377,750 in April 2024, down 31.9% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $575K | $474K | -17.6% |
| 3 Bedrooms | $545K | $289.7K | -46.8% |
| 4 Bedrooms | $682.5K | $275K | -59.7% |
| 5+ Bedrooms | $1.7M | $1.0M | -38.8% |
Summary: 56511 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 decreased by 17.6%, 3 bedroom homes decreased by 46.8%, 4 bedroom homes decreased by 59.7%, and 5+ bedroom homes decreased by 38.8%.
Housing Supply in 56511, MN
How many homes are available in 56511, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 16 | 16 | 0.0% |
Summary: The 56511 real estate market had 16 homes for sale in April 2024, the same as March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 4 | +300.0% |
| 3 Bedrooms | 7 | 6 | -14.3% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 2 | 0 | -100.0% |
Summary: The 56511 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 300%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56511, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in 56511 in April 2024, the same as the previous month. Of the 4 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.
Days on Market for 56511, MN
How long does it take to sell a home in 56511, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 232 Days | 198 Days | -14.5% |
Summary: Homes in 56511 had an average of 198 days on market in Apr 2024, down by 14.5% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 56511 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During April 2024, 4 homes were sold in 56511; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
