Is 56623, 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, 56623 was a Seller's Market.
Key Takeaway
56623 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 56623, MN
How much do homes in 56623, MN cost?
Median Sold Price
$195,000
$141/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56623 have sold for 8.2% less than they did a year ago.
Summary: The median home sold price in 56623 was $195,000 in April 2024, down 8.2% from last year, and the median price per square foot was $141.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $229.9K | $132.5K | -42.4% |
| 2 Bedrooms | $174.4K | $170K | -2.6% |
| 3 Bedrooms | $225K | $195K | -13.3% |
| 4 Bedrooms | $215K | $309.5K | +44.0% |
| 5+ Bedrooms | - | $392.5K | N/A |
Summary: 56623 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 42.4%, 2 bedroom homes decreased by 2.6%, 3 bedroom homes decreased by 13.3%, 4 bedroom homes increased by 44%, and 5+ bedroom homes did not change.
Housing Supply in 56623, MN
How many homes are available in 56623, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 16 | 18 | +12.5% |
Summary: The 56623 real estate market had 18 homes for sale in April 2024, a 12.5% 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 | 8 | 8 | 0.0% |
| 3 Bedrooms | 8 | 9 | +12.5% |
| 4 Bedrooms | 0 | 1 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 56623 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 remained the same, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 3 | 3 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56623, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in 56623 in April 2024, the same as the previous month. Of the 3 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for 56623, MN
How long does it take to sell a home in 56623, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 175 Days | 113 Days | -35.7% |
Summary: Homes in 56623 had an average of 113 days on market in Apr 2024, down by 35.7% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 56623 has remained consistent over time.
Summary: During April 2024, 3 homes were sold in 56623; 0% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
