Is Merriam Park-Lexington-Hamline, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Merriam Park-Lexington-Hamline has remained a Seller's Market.
Key Takeaway
Merriam Park-Lexington-Hamline is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Merriam Park-Lexington-Hamline, MN
How much do homes in Merriam Park-Lexington-Hamline, MN cost?
Median Sold Price
$401,000
$220/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Merriam Park-Lexington-Hamline have sold for 7.2% more than they did a year ago.
Summary: The median home sold price in Merriam Park-Lexington-Hamline was $401,000 in April 2024, up 7.2% from last year, and the median price per square foot was $220.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $209.5K | $135K | -35.6% |
| 2 Bedrooms | $267.4K | $310K | +15.9% |
| 3 Bedrooms | $333.5K | $381K | +14.2% |
| 4 Bedrooms | $410K | $461K | +12.4% |
| 5+ Bedrooms | $597.5K | $499.9K | -16.3% |
Summary: Merriam Park-Lexington-Hamline housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 35.6%, 2 bedroom homes increased by 15.9%, 3 bedroom homes increased by 14.2%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes decreased by 16.3%.
Median Sold Price Compared To Nearby Neighborhoods
| Merriam Park-Lexington-Hamline | $374K | $401K | +7.2% |
| Prospect Park / East River Road | $355K | $375.7K | +5.8% |
| Macalester-Groveland | $410.5K | $414K | +0.9% |
| Midway | $280K | $280K | 0.0% |
| Saint Anthony | $356.5K | $292.5K | -18.0% |
Housing Supply in Merriam Park-Lexington-Hamline, MN
How many homes are available in Merriam Park-Lexington-Hamline, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 33 | 29 | -12.1% |
Summary: The Merriam Park-Lexington-Hamline real estate market had 29 homes for sale in April 2024, a 12.1% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 5 | 6 | +20.0% |
| 3 Bedrooms | 9 | 8 | -11.1% |
| 4 Bedrooms | 14 | 10 | -28.6% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Merriam Park-Lexington-Hamline housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 20%, 3 bedroom homes decreased by 11.1%, 4 bedroom homes decreased by 28.6%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 5 | -70.6% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Merriam Park-Lexington-Hamline, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Merriam Park-Lexington-Hamline in April 2024, down by 70.6% month-over-month. Of the 5 sold homes, 60% were sold under asking, 0% were sold at asking, and 40% were sold over asking.
Days on Market for Merriam Park-Lexington-Hamline, MN
How long does it take to sell a home in Merriam Park-Lexington-Hamline, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 10 Days | 31 Days | +190.6% |
Summary: Homes in Merriam Park-Lexington-Hamline had an average of 31 days on market in Apr 2024, up by 190.6% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Merriam Park-Lexington-Hamline are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 5 homes were sold in Merriam Park-Lexington-Hamline; 60% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
