Is 56551, 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, 56551 has remained a Seller's Market.
Key Takeaway
56551 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56551, MN
How much do homes in 56551, MN cost?
Median Sold Price
$350,000
$166/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56551 have sold for 70.7% more than they did a year ago.
Summary: The median home sold price in 56551 was $350,000 in April 2024, up 70.7% from last year, and the median price per square foot was $166.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $160K | $47.5K | -70.3% |
| 2 Bedrooms | $134.9K | $227.5K | +68.6% |
| 3 Bedrooms | $207.9K | $350K | +68.3% |
| 4 Bedrooms | $219.4K | $395K | +80.0% |
| 5+ Bedrooms | $1.5M | $719.9K | -53.2% |
Summary: 56551 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 70.3%, 2 bedroom homes increased by 68.6%, 3 bedroom homes increased by 68.3%, 4 bedroom homes increased by 80%, and 5+ bedroom homes decreased by 53.2%.
Median Sold Price Compared To Nearby Zip Codes
| 56551 | $205K | $350K | +70.7% |
| 56571 | $280.9K | $322K | +14.6% |
Housing Supply in 56551, MN
How many homes are available in 56551, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 15 | 23 | +53.3% |
Summary: The 56551 real estate market had 23 homes for sale in April 2024, a 53.3% 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 | 2 | 6 | +200.0% |
| 3 Bedrooms | 7 | 9 | +28.6% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 56551 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 200%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1 | 4 | +300.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56551, 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 56551 in April 2024, up by 300.0% month-over-month. Of the 4 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.
Days on Market for 56551, MN
How long does it take to sell a home in 56551, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 16 Days | 22 Days | +34.8% |
Summary: Homes in 56551 had an average of 22 days on market in Apr 2024, up by 34.8% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56551 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in 56551; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
