Is 56601, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 56601 was a Seller's Market.
Key Takeaway
56601 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 56601, MN
How much do homes in 56601, MN cost?
Median Sold Price
$264,800
$145/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
The sold price of homes in 56601 has remained the same since last year.
Summary: The median home sold price in 56601 was $264,800 in March 2024, down 0.1% from last year, and the median price per square foot was $145.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $105K | $94.8K | -9.7% |
| 2 Bedrooms | $180K | $208.4K | +15.8% |
| 3 Bedrooms | $256.4K | $270K | +5.3% |
| 4 Bedrooms | $307K | $322.4K | +5.0% |
| 5+ Bedrooms | $374.9K | $325K | -13.3% |
Summary: 56601 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.7%, 2 bedroom homes increased by 15.8%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 5%, and 5+ bedroom homes decreased by 13.3%.
Housing Supply in 56601, MN
How many homes are available in 56601, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 103 | 132 | +28.2% |
Summary: The 56601 real estate market had 132 homes for sale in March 2024, a 28.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 17 | 24 | +41.2% |
| 3 Bedrooms | 58 | 68 | +17.2% |
| 4 Bedrooms | 16 | 22 | +37.5% |
| 5+ Bedrooms | 11 | 15 | +36.4% |
Summary: The 56601 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 41.2%, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes increased by 36.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 22 | +46.7% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56601, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in 56601 in March 2024, up by 46.7% month-over-month. Of the 22 sold homes, 55% were sold under asking, 27% were sold at asking, and 18% were sold over asking.
Days on Market for 56601, MN
How long does it take to sell a home in 56601, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 100 Days | 67 Days | -32.5% |
Summary: Homes in 56601 had an average of 67 days on market in Mar 2024, down by 32.5% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56601 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 22 homes were sold in 56601; 59% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 32% of homes were sold over 90 days.
