Is Central, 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, Central was a Seller's Market.
Key Takeaway
Central 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 Central, MN
How much do homes in Central, MN cost?
Median Sold Price
$340,041
$306/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Central have sold for 4.4% more than they did a year ago.
Summary: The median home sold price in Central was $340,041 in April 2024, up 4.4% from last year, and the median price per square foot was $306.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $231.2K | $225K | -2.7% |
| 2 Bedrooms | $424.5K | $410K | -3.4% |
| 3 Bedrooms | $822.5K | $790K | -4.0% |
| 4 Bedrooms | $822.5K | $1.3M | +67.2% |
| 5+ Bedrooms | - | - | N/A |
Summary: Central housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.7%, 2 bedroom homes decreased by 3.4%, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 67.2%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Central | $325.6K | $340K | +4.4% |
| Downtown West | $230K | $227.5K | -1.1% |
| Loring Park | $250K | $245K | -2.0% |
| Elliot Park | $336K | $328.5K | -2.2% |
| Stevens Square / Loring Heights | $145K | $140.5K | -3.1% |
Housing Supply in Central, MN
How many homes are available in Central, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 243 | 277 | +14.0% |
Summary: The Central real estate market had 277 homes for sale in April 2024, a 14.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 80 | 92 | +15.0% |
| 2 Bedrooms | 135 | 153 | +13.3% |
| 3 Bedrooms | 25 | 29 | +16.0% |
| 4 Bedrooms | 3 | 3 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Central housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 16%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 47 | 44 | -6.4% |
Asking Price vs. Sold Price
28 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Central, you may be able to get a good deal. 63.6% of homes here sold below asking price last month.
Summary: A total of 44 homes were sold or pending in Central in April 2024, down by 6.4% month-over-month. Of the 44 sold homes, 64% were sold under asking, 20% were sold at asking, and 16% were sold over asking.
Days on Market for Central, MN
How long does it take to sell a home in Central, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 55 Days | 57 Days | +2.8% |
Summary: Homes in Central had an average of 57 days on market in Apr 2024, up by 2.8% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Central are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 44 homes were sold in Central; 50% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
