Is Shakopee, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Shakopee has remained a Seller's Market.
Key Takeaway
Shakopee is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Shakopee, MN
How much do homes in Shakopee, MN cost?
Median Sold Price
$389,148
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Shakopee have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Shakopee was $389,148 in March 2024, up 5.7% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $199K | $159K | -20.1% |
| 2 Bedrooms | $259.9K | $255K | -1.9% |
| 3 Bedrooms | $320K | $345K | +7.8% |
| 4 Bedrooms | $452K | $472.2K | +4.5% |
| 5+ Bedrooms | $550K | $609.9K | +10.9% |
Summary: Shakopee housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20.1%, 2 bedroom homes decreased by 1.9%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 10.9%.
Median Sold Price Compared To Nearby Cities
| Shakopee | $368.1K | $389.1K | +5.7% |
| Prior Lake | $492.8K | $504K | +2.3% |
| Eden Prairie | $459.5K | $459.9K | 0.1% |
| Jackson Township | $473.1K | $174.5K | -63.1% |
Housing Supply in Shakopee, MN
How many homes are available in Shakopee, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 176 | 199 | +13.1% |
Summary: The Shakopee real estate market had 199 homes for sale in March 2024, a 13.1% 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 | 26 | 21 | -19.2% |
| 3 Bedrooms | 58 | 75 | +29.3% |
| 4 Bedrooms | 58 | 61 | +5.2% |
| 5+ Bedrooms | 34 | 42 | +23.5% |
Summary: The Shakopee 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 19.2%, 3 bedroom homes increased by 29.3%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 23.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 47 | 46 | -2.1% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Shakopee, you may be able to get a good deal. 39.1% of homes here sold below asking price last month.
Summary: A total of 46 homes were sold or pending in Shakopee in March 2024, down by 2.1% month-over-month. Of the 46 sold homes, 39% were sold under asking, 24% were sold at asking, and 37% were sold over asking.
Days on Market for Shakopee, MN
How long does it take to sell a home in Shakopee, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 36 Days | 36 Days | -1.2% |
Summary: Homes in Shakopee had an average of 36 days on market in Mar 2024, down by 1.2% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Shakopee are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 46 homes were sold in Shakopee; 70% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
