Is Independence, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Independence was a Seller's Market.
Key Takeaway
Independence 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 Independence, MN
How much do homes in Independence, MN cost?
Median Sold Price
$849,000
$248/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Independence have sold for 1.8% more than they did a year ago.
Summary: The median home sold price in Independence was $849,000 in March 2024, up 1.8% from last year, and the median price per square foot was $248.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $422.5K | - | N/A |
| 3 Bedrooms | $720K | $450K | -37.5% |
| 4 Bedrooms | $857K | $959K | +11.9% |
| 5+ Bedrooms | $1.3M | $1.5M | +13.7% |
Summary: Independence housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 37.5%, 4 bedroom homes increased by 11.9%, and 5+ bedroom homes increased by 13.7%.
Median Sold Price Compared To Nearby Cities
| Maple Plain | $515K | $563.5K | +9.4% |
| Independence | $833.7K | $849K | +1.8% |
| Rockford | $368.7K | $369.9K | 0.4% |
| Greenfield | $630K | $620K | -1.6% |
| Franklin Township | $599K | $440.3K | -26.5% |
Housing Supply in Independence, MN
How many homes are available in Independence, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 21 | +40.0% |
Summary: The Independence real estate market had 21 homes for sale in March 2024, a 40.0% 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 | 0 | 0 | 0.0% |
| 3 Bedrooms | 3 | 4 | +33.3% |
| 4 Bedrooms | 4 | 6 | +50.0% |
| 5+ Bedrooms | 8 | 11 | +37.5% |
Summary: The Independence 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 remained the same, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 37.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 0 | 3 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Independence, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Independence in March 2024, up by 100.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for Independence, MN
How long does it take to sell a home in Independence, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 12 Days | 33 Days | +177.8% |
Summary: Homes in Independence had an average of 33 days on market in Mar 2024, up by 177.8% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Independence has remained consistent over time.
Summary: During March 2024, 3 homes were sold in Independence; 33% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
