Is Elk River, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elk River is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Elk River was a Seller's Market.

Key Takeaway

Elk River is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Elk River, MN

How much do homes in Elk River, MN cost?

Median Sold Price

$398,667

$183/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$3,596(+0.9%)

Key Takeaway

Homes in Elk River have sold for 0.9% more than they did a year ago.

Summary: The median home sold price in Elk River was $398,667 in February 2024, up 0.9% from last year, and the median price per square foot was $183.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $145K$155.9K
+7.5%
2 $255K$250K
-2.0%
3 $355K$345K
-2.8%
4 $429.3K$449.9K
+4.8%
5+ $505K$491.5K
-2.7%

Summary: Elk River housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.5%, 2 bedroom homes decreased by 2%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes decreased by 2.7%.

Median Sold Price Compared To Nearby Cities

Elk River
+0.9%
Ramsey
-0.2%
Otsego
-1.7%
Dayton
-9.8%

Housing Supply in Elk River, MN

How many homes are available in Elk River, MN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
178244+37.1%

Summary: The Elk River real estate market had 244 homes for sale in February 2024, a 37.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 3240
+25.0%
3 5787
+52.6%
4 6587
+33.8%
5+ 2430
+25.0%

Summary: The Elk River housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 52.6%, 4 bedroom homes increased by 33.8%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2934+17.2%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elk River, you may be able to get a good deal. 44.1% of homes here sold below asking price last month.

Summary: A total of 34 homes were sold or pending in Elk River in February 2024, up by 17.2% month-over-month. Of the 34 sold homes, 44% were sold under asking, 38% were sold at asking, and 18% were sold over asking.

Days on Market for Elk River, MN

How long does it take to sell a home in Elk River, MN?

Average Sale Time

Feb 2023Feb 2024CHANGE
82 Days51 Days-38.2%

Summary: Homes in Elk River had an average of 51 days on market in Feb 2024, down by 38.2% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

7 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Elk River are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 34 homes were sold in Elk River; 44% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in Elk River, MN

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