Is Downtown East, 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, Downtown East was a Buyer's Market.
Key Takeaway
Downtown East is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Downtown East, MN
How much do homes in Downtown East, MN cost?
Median Sold Price
$612,000
$396/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Downtown East have sold for 0.7% more than they did a year ago.
Summary: The median home sold price in Downtown East was $612,000 in April 2024, up 0.7% from last year, and the median price per square foot was $396.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $395K | +43.6% |
| 2 Bedrooms | $596K | $600K | +0.7% |
| 3 Bedrooms | $1.1M | $820K | -25.5% |
| 4 Bedrooms | $1.6M | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Downtown East housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 43.6%, 2 bedroom homes increased by 0.7%, 3 bedroom homes decreased by 25.5%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Central | $325.6K | $340K | +4.4% |
| Downtown East | $607.5K | $612K | +0.7% |
| Downtown West | $230K | $227.5K | -1.1% |
Housing Supply in Downtown East, MN
How many homes are available in Downtown East, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 39 | 45 | +15.4% |
Summary: The Downtown East real estate market had 45 homes for sale in April 2024, a 15.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 6 | -14.3% |
| 2 Bedrooms | 28 | 31 | +10.7% |
| 3 Bedrooms | 4 | 8 | +100.0% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Downtown East housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 14.3%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 100%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 11 | 11 | 0.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Downtown East, you may be able to get a good deal. 63.6% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Downtown East in April 2024, the same as the previous month. Of the 11 sold homes, 64% were sold under asking, 18% were sold at asking, and 18% were sold over asking.
Days on Market for Downtown East, MN
How long does it take to sell a home in Downtown East, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 60 Days | 26 Days | -56.3% |
Summary: Homes in Downtown East had an average of 26 days on market in Apr 2024, down by 56.3% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Downtown East are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 11 homes were sold in Downtown East; 55% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
