Is 56560, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 56560 has remained a Seller's Market.
Key Takeaway
56560 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56560, MN
How much do homes in 56560, MN cost?
Median Sold Price
$261,666
$128/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 56560 have sold for 8.8% more than they did a year ago.
Summary: The median home sold price in 56560 was $261,666 in March 2024, up 8.8% from last year, and the median price per square foot was $128.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $179.8K | $125K | -30.5% |
| 2 Bedrooms | $180K | $200K | +11.1% |
| 3 Bedrooms | $231.9K | $240K | +3.5% |
| 4 Bedrooms | $284.8K | $300K | +5.3% |
| 5+ Bedrooms | $341K | $341.6K | 0.2% |
Summary: 56560 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 30.5%, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes increased by 0.2%.
Housing Supply in 56560, MN
How many homes are available in 56560, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 185 | 187 | +1.1% |
Summary: The 56560 real estate market had 187 homes for sale in March 2024, a 1.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 31 | 28 | -9.7% |
| 3 Bedrooms | 66 | 60 | -9.1% |
| 4 Bedrooms | 60 | 67 | +11.7% |
| 5+ Bedrooms | 24 | 29 | +20.8% |
Summary: The 56560 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 9.7%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes increased by 20.8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 29 | 34 | +17.2% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56560, you may be able to get a good deal. 44.1% of homes here sold below asking price last month.
Summary: A total of 34 homes were sold or pending in 56560 in March 2024, up by 17.2% month-over-month. Of the 34 sold homes, 44% were sold under asking, 32% were sold at asking, and 24% were sold over asking.
Days on Market for 56560, MN
How long does it take to sell a home in 56560, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 78 Days | 81 Days | +3.5% |
Summary: Homes in 56560 had an average of 81 days on market in Mar 2024, up by 3.5% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56560 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 34 homes were sold in 56560; 35% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.
