Is 56701, 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, 56701 was a Seller's Market.
Key Takeaway
56701 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56701, MN
How much do homes in 56701, MN cost?
Median Sold Price
$175,000
$111/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 56701 have sold for 2.9% more than they did a year ago.
Summary: The median home sold price in 56701 was $175,000 in March 2024, up 2.9% from last year, and the median price per square foot was $111.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $65K | $18.6K | -71.4% |
| 2 Bedrooms | $141.4K | $142.7K | +0.9% |
| 3 Bedrooms | $179.2K | $173.7K | -3.1% |
| 4 Bedrooms | $215K | $242K | +12.6% |
| 5+ Bedrooms | $295.1K | $244.9K | -17.0% |
Summary: 56701 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 71.4%, 2 bedroom homes increased by 0.9%, 3 bedroom homes decreased by 3.1%, 4 bedroom homes increased by 12.6%, and 5+ bedroom homes decreased by 17%.
Housing Supply in 56701, MN
How many homes are available in 56701, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 46 | 55 | +19.6% |
Summary: The 56701 real estate market had 55 homes for sale in March 2024, a 19.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 10 | +42.9% |
| 3 Bedrooms | 23 | 25 | +8.7% |
| 4 Bedrooms | 14 | 15 | +7.1% |
| 5+ Bedrooms | 2 | 5 | +150.0% |
Summary: The 56701 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 42.9%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 150%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 5 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56701, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in 56701 in March 2024, the same as the previous month. Of the 5 sold homes, 40% were sold under asking, 20% were sold at asking, and 40% were sold over asking.
Days on Market for 56701, MN
How long does it take to sell a home in 56701, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 52 Days | 70 Days | +34.7% |
Summary: Homes in 56701 had an average of 70 days on market in Mar 2024, up by 34.7% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 56701 has remained consistent over time.
Summary: During March 2024, 5 homes were sold in 56701; 20% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
