Is 56751, 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, 56751 was a Seller's Market.
Key Takeaway
56751 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 56751, MN
How much do homes in 56751, MN cost?
Median Sold Price
$205,000
$121/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56751 have sold for 6% less than they did a year ago.
Summary: The median home sold price in 56751 was $205,000 in April 2024, down 6% from last year, and the median price per square foot was $121.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $133.5K | - | N/A |
| 2 Bedrooms | $130K | $167K | +28.5% |
| 3 Bedrooms | $218K | $200.3K | -8.1% |
| 4 Bedrooms | $321.5K | $240K | -25.4% |
| 5+ Bedrooms | $360.9K | $280K | -22.4% |
Summary: 56751 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 28.5%, 3 bedroom homes decreased by 8.1%, 4 bedroom homes decreased by 25.4%, and 5+ bedroom homes decreased by 22.4%.
Median Sold Price Compared To Nearby Zip Codes
| 56763 | $172.2K | $245K | +42.2% |
| 56751 | $218K | $205K | -6.0% |
Housing Supply in 56751, MN
How many homes are available in 56751, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 19 | 27 | +42.1% |
Summary: The 56751 real estate market had 27 homes for sale in April 2024, a 42.1% 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 | 2 | 4 | +100.0% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 8 | 12 | +50.0% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The 56751 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 100%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 4 | +100.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56751, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in 56751 in April 2024, up by 100.0% month-over-month. Of the 4 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.
Days on Market for 56751, MN
How long does it take to sell a home in 56751, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 44 Days | 142 Days | +222.4% |
Summary: Homes in 56751 had an average of 142 days on market in Apr 2024, up by 222.4% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 56751 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During April 2024, 4 homes were sold in 56751; 0% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 75% of homes were sold over 90 days.
