Is Mankato, 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, Mankato was a Neutral Market.
Housing Prices in Mankato, MN
How much do homes in Mankato, MN cost?
Median Sold Price
$275,000
$147/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Mankato was $275,000 in March 2024, down 9.4% from last year, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $130K | N/A |
2 Bedrooms | $230K | $243.9K | +6.0% |
3 Bedrooms | $230K | $259.9K | +13.0% |
4 Bedrooms | $340.5K | $310K | -9.0% |
5+ Bedrooms | $390K | $384.7K | -1.4% |
Summary: Mankato 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 increased by 6%, 3 bedroom homes increased by 13%, 4 bedroom homes decreased by 9%, and 5+ bedroom homes decreased by 1.4%.
Median Sold Price Compared To Nearby Cities
North Mankato | $309.9K | $293K | -5.5% |
Mankato Township | $299.9K | $275K | -8.3% |
Mankato | $303.5K | $275K | -9.4% |
Housing Supply in Mankato, MN
How many homes are available in Mankato, MN?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
47 | 58 | +23.4% |
Summary: The Mankato real estate market had 58 homes for sale in March 2024, a 23.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 10 | 13 | +30.0% |
3 Bedrooms | 14 | 17 | +21.4% |
4 Bedrooms | 13 | 17 | +30.8% |
5+ Bedrooms | 9 | 10 | +11.1% |
Summary: The Mankato 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 30%, 3 bedroom homes increased by 21.4%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
11 | 5 | -54.5% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 5 homes were sold or pending in Mankato in March 2024, down by 54.5% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for Mankato, MN
How long does it take to sell a home in Mankato, MN?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
57 Days | 104 Days | +81.6% |
Summary: Homes in Mankato had an average of 104 days on market in Mar 2024, up by 81.6% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During March 2024, 5 homes were sold in Mankato; 0% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 60% of homes were sold over 90 days.