Is Albert Lea, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Albert Lea has remained a Seller's Market.
Key Takeaway
Albert Lea is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Albert Lea, MN
How much do homes in Albert Lea, MN cost?
Median Sold Price
$160,200
$105/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Albert Lea have sold for 1.4% more than they did a year ago.
Summary: The median home sold price in Albert Lea was $160,200 in March 2024, up 1.4% from last year, and the median price per square foot was $105.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $64K | $116K | +81.3% |
| 2 Bedrooms | $132.4K | $115K | -13.2% |
| 3 Bedrooms | $151.5K | $156.4K | +3.3% |
| 4 Bedrooms | $237.4K | $210K | -11.5% |
| 5+ Bedrooms | $251K | $303.5K | +20.9% |
Summary: Albert Lea housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 81.3%, 2 bedroom homes decreased by 13.2%, 3 bedroom homes increased by 3.3%, 4 bedroom homes decreased by 11.5%, and 5+ bedroom homes increased by 20.9%.
Median Sold Price Compared To Nearby Cities
| Albert Lea | $158K | $160.2K | +1.4% |
| Albert Lea Township | $159.9K | $160.9K | +0.7% |
Housing Supply in Albert Lea, MN
How many homes are available in Albert Lea, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 56 | 63 | +12.5% |
Summary: The Albert Lea real estate market had 63 homes for sale in March 2024, a 12.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 11 | 16 | +45.5% |
| 3 Bedrooms | 27 | 29 | +7.4% |
| 4 Bedrooms | 14 | 14 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Albert Lea 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 45.5%, 3 bedroom homes increased by 7.4%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 16 | +45.5% |
Asking Price vs. Sold Price
14 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 Albert Lea, you may be able to get a good deal. 87.5% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in Albert Lea in March 2024, up by 45.5% month-over-month. Of the 16 sold homes, 88% were sold under asking, 6% were sold at asking, and 6% were sold over asking.
Days on Market for Albert Lea, MN
How long does it take to sell a home in Albert Lea, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 79 Days | 88 Days | +11.0% |
Summary: Homes in Albert Lea had an average of 88 days on market in Mar 2024, up by 11% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Albert Lea are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 16 homes were sold in Albert Lea; 38% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 44% of homes were sold over 90 days.
