Is Mendota Heights, 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, Mendota Heights was a Seller's Market.
Key Takeaway
Mendota Heights 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 Mendota Heights, MN
How much do homes in Mendota Heights, MN cost?
Median Sold Price
$500,500
$200/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Mendota Heights have sold for 1.1% more than they did a year ago.
Summary: The median home sold price in Mendota Heights was $500,500 in March 2024, up 1.1% from last year, and the median price per square foot was $200.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $350K | - | N/A |
| 2 Bedrooms | $365K | $273.6K | -25.0% |
| 3 Bedrooms | $467.5K | $520K | +11.2% |
| 4 Bedrooms | $570K | $638.7K | +12.1% |
| 5+ Bedrooms | $684.5K | $642.5K | -6.1% |
Summary: Mendota Heights 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 decreased by 25%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 12.1%, and 5+ bedroom homes decreased by 6.1%.
Housing Supply in Mendota Heights, MN
How many homes are available in Mendota Heights, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 36 | 42 | +16.7% |
Summary: The Mendota Heights real estate market had 42 homes for sale in March 2024, a 16.7% 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 | 10 | 9 | -10.0% |
| 3 Bedrooms | 10 | 12 | +20.0% |
| 4 Bedrooms | 9 | 12 | +33.3% |
| 5+ Bedrooms | 7 | 9 | +28.6% |
Summary: The Mendota Heights 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 decreased by 10%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 28.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 7 | +16.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Mendota Heights, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Mendota Heights in March 2024, up by 16.7% month-over-month. Of the 7 sold homes, 43% were sold under asking, 43% were sold at asking, and 14% were sold over asking.
Days on Market for Mendota Heights, MN
How long does it take to sell a home in Mendota Heights, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 37 Days | 69 Days | +86.5% |
Summary: Homes in Mendota Heights had an average of 69 days on market in Mar 2024, up by 86.5% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Mendota Heights are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 7 homes were sold in Mendota Heights; 57% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
