Is Payne-Phalen, 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, Payne-Phalen has remained a Seller's Market.
Key Takeaway
Payne-Phalen is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Payne-Phalen, MN
How much do homes in Payne-Phalen, MN cost?
Median Sold Price
$242,133
$167/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Payne-Phalen have sold for 0.9% more than they did a year ago.
Summary: The median home sold price in Payne-Phalen was $242,133 in April 2024, up 0.9% from last year, and the median price per square foot was $167.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $154K | $178.5K | +15.9% |
| 2 Bedrooms | $205K | $210K | +2.4% |
| 3 Bedrooms | $233K | $246.5K | +5.8% |
| 4 Bedrooms | $258K | $268K | +3.9% |
| 5+ Bedrooms | $320K | $284.5K | -11.1% |
Summary: Payne-Phalen housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.9%, 2 bedroom homes increased by 2.4%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes decreased by 11.1%.
Median Sold Price Compared To Nearby Neighborhoods
| Dayton's Bluff | $235K | $250K | +6.4% |
| Greater East Side | $247.4K | $255K | +3.1% |
| Payne-Phalen | $240K | $242.1K | +0.9% |
Housing Supply in Payne-Phalen, MN
How many homes are available in Payne-Phalen, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 93 | 91 | -2.2% |
Summary: The Payne-Phalen real estate market had 91 homes for sale in April 2024, a 2.2% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 15 | 16 | +6.7% |
| 3 Bedrooms | 52 | 55 | +5.8% |
| 4 Bedrooms | 20 | 15 | -25.0% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Payne-Phalen housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 5.8%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 33 | 27 | -18.2% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Payne-Phalen, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.
Summary: A total of 27 homes were sold or pending in Payne-Phalen in April 2024, down by 18.2% month-over-month. Of the 27 sold homes, 19% were sold under asking, 37% were sold at asking, and 44% were sold over asking.
Days on Market for Payne-Phalen, MN
How long does it take to sell a home in Payne-Phalen, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 24 Days | 29 Days | +17.9% |
Summary: Homes in Payne-Phalen had an average of 29 days on market in Apr 2024, up by 17.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Payne-Phalen are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 27 homes were sold in Payne-Phalen; 59% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
