$134,900
Land
Listing Office: HomeSmart Adventure Realty
Is 56587, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2023
At the same time last year, 56587 was a Seller's Market.
Key Takeaway
56587 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 56587, MN
How much do homes in 56587, MN cost?
Median Sold Price
$372,500
$206/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2023
-$22,000(-5.6%)
Key Takeaway
Homes in 56587 have sold for 5.6% less than they did a year ago.
Summary: The median home sold price in 56587 was $372,500 in August 2024, down 5.6% from last year, and the median price per square foot was $206.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $187.7K | - | N/A |
| 2 Bedrooms | $453.7K | $238K | -47.5% |
| 3 Bedrooms | $382K | $260K | -31.9% |
| 4 Bedrooms | $344.5K | $882.5K | +156.2% |
| 5+ Bedrooms | $599K | $172K | -71.3% |
Summary: 56587 housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 47.5%, 3 bedroom homes decreased by 31.9%, 4 bedroom homes increased by 156.2%, and 5+ bedroom homes decreased by 71.3%.
Housing Supply in 56587, MN
How many homes are available in 56587, MN?
Number of Homes For Sale
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 24 | 24 | 0.0% |
Summary: The 56587 real estate market had 24 homes for sale in August 2024, the same as July 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 5 | -37.5% |
| 3 Bedrooms | 7 | 8 | +14.3% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The 56587 housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 37.5%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 5 | 4 | -20.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56587, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in 56587 in August 2024, down by 20.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for 56587, MN
How long does it take to sell a home in 56587, MN?
Average Sale Time
| Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|
| 16 Days | 46 Days | +187.2% |
Summary: Homes in 56587 had an average of 46 days on market in Aug 2024, up by 187.2% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 56587 are selling fast, if you're buying plan to act quickly.
Summary: During August 2024, 4 homes were sold in 56587; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
