Is Faribault, 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, Faribault has remained a Seller's Market.
Housing Prices in Faribault, MN
How much do homes in Faribault, MN cost?
Median Sold Price
$279,450
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Faribault was $279,450 in March 2024, up 10.3% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $170K | $124.9K | -26.5% |
2 Bedrooms | $212K | $214.9K | +1.4% |
3 Bedrooms | $239.9K | $260.5K | +8.6% |
4 Bedrooms | $288.5K | $307.5K | +6.6% |
5+ Bedrooms | $354.9K | $417.5K | +17.6% |
Summary: Faribault housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 26.5%, 2 bedroom homes increased by 1.4%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes increased by 17.6%.
Median Sold Price Compared To Nearby Cities
Faribault | $253.3K | $279.4K | +10.3% |
Wells Township | $203.5K | $183.2K | -10.0% |
Housing Supply in Faribault, MN
How many homes are available in Faribault, MN?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
73 | 80 | +9.6% |
Summary: The Faribault real estate market had 80 homes for sale in March 2024, a 9.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 11 | 16 | +45.5% |
3 Bedrooms | 31 | 32 | +3.2% |
4 Bedrooms | 18 | 19 | +5.6% |
5+ Bedrooms | 13 | 13 | 0.0% |
Summary: The Faribault 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 3.2%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
12 | 16 | +33.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 16 homes were sold or pending in Faribault in March 2024, up by 33.3% month-over-month. Of the 16 sold homes, 50% were sold under asking, 19% were sold at asking, and 31% were sold over asking.
Days on Market for Faribault, MN
How long does it take to sell a home in Faribault, MN?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
59 Days | 22 Days | -62.5% |
Summary: Homes in Faribault had an average of 22 days on market in Mar 2024, down by 62.5% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 16 homes were sold in Faribault; 81% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.