Is 56531, 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, 56531 has remained a Buyer's Market.
Key Takeaway
56531 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56531, MN
How much do homes in 56531, MN cost?
Median Sold Price
$156,000
$96/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56531 have sold for 20.5% more than they did a year ago.
Summary: The median home sold price in 56531 was $156,000 in April 2024, up 20.5% from last year, and the median price per square foot was $96.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $48.7K | - | N/A |
| 2 Bedrooms | $145K | $113.4K | -21.8% |
| 3 Bedrooms | $125K | $149.9K | +19.9% |
| 4 Bedrooms | $176K | $207.5K | +17.9% |
| 5+ Bedrooms | $107K | $212K | +98.1% |
Summary: 56531 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 21.8%, 3 bedroom homes increased by 19.9%, 4 bedroom homes increased by 17.9%, and 5+ bedroom homes increased by 98.1%.
Housing Supply in 56531, MN
How many homes are available in 56531, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 6 | 8 | +33.3% |
Summary: The 56531 real estate market had 8 homes for sale in April 2024, a 33.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 5 | +66.7% |
| 3 Bedrooms | 1 | 1 | 0.0% |
| 4 Bedrooms | 1 | 0 | -100.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The 56531 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 66.7%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 1 | -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
Key Takeaway
If you're buying a home in 56531, 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 56531 in April 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 56531, MN
How long does it take to sell a home in 56531, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 144 Days | 137 Days | -4.9% |
Summary: Homes in 56531 had an average of 137 days on market in Apr 2024, down by 4.9% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in 56531 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During April 2024, 1 homes were sold in 56531; 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.
