Is 56573, 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, 56573 was a Buyer's Market.
Key Takeaway
56573 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56573, MN
How much do homes in 56573, MN cost?
Median Sold Price
$340,000
$159/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56573 have sold for 14% more than they did a year ago.
Summary: The median home sold price in 56573 was $340,000 in April 2024, up 14% from last year, and the median price per square foot was $159.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $295K | $232.5K | -21.2% |
| 2 Bedrooms | $262.5K | $349K | +33.0% |
| 3 Bedrooms | $318.7K | $332.5K | +4.3% |
| 4 Bedrooms | $340K | $365K | +7.4% |
| 5+ Bedrooms | $274.9K | $367K | +33.5% |
Summary: 56573 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 21.2%, 2 bedroom homes increased by 33%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 33.5%.
Housing Supply in 56573, MN
How many homes are available in 56573, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 46 | 61 | +32.6% |
Summary: The 56573 real estate market had 61 homes for sale in April 2024, a 32.6% 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 | 6 | 8 | +33.3% |
| 3 Bedrooms | 28 | 36 | +28.6% |
| 4 Bedrooms | 8 | 12 | +50.0% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The 56573 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 33.3%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1 | 13 | +1200.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56573, you may be able to get a good deal. 76.9% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in 56573 in April 2024, up by 1200.0% month-over-month. Of the 13 sold homes, 77% were sold under asking, 23% were sold at asking, and 0% were sold over asking.
Days on Market for 56573, MN
How long does it take to sell a home in 56573, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 172 Days | 124 Days | -27.4% |
Summary: Homes in 56573 had an average of 124 days on market in Apr 2024, down by 27.4% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 56573 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During April 2024, 13 homes were sold in 56573; 31% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.
