Is Elk River, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
At the same time last year, Elk River was a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $145K | $155.9K | +7.5% |
2 Bedrooms | $255K | $250K | -2.0% |
3 Bedrooms | $355K | $345K | -2.8% |
4 Bedrooms | $429.3K | $449.9K | +4.8% |
5+ Bedrooms | $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%.
Housing Supply in Elk River, MN
How many homes are available in Elk River, MN?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
178 | 244 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 32 | 40 | +25.0% |
3 Bedrooms | 57 | 87 | +52.6% |
4 Bedrooms | 65 | 87 | +33.8% |
5+ Bedrooms | 24 | 30 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
29 | 34 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
82 Days | 51 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
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.