Is Southwest, 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, Southwest has remained a Seller's Market.
Key Takeaway
Southwest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southwest, MN
How much do homes in Southwest, MN cost?
Median Sold Price
$481,594
$270/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Southwest have sold for 3.4% less than they did a year ago.
Summary: The median home sold price in Southwest was $481,594 in April 2024, down 3.4% from last year, and the median price per square foot was $270.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $187.4K | $189.6K | +1.2% |
| 2 Bedrooms | $317.5K | $330K | +3.9% |
| 3 Bedrooms | $449.9K | $461K | +2.5% |
| 4 Bedrooms | $631K | $630K | -0.2% |
| 5+ Bedrooms | $975K | $1.0M | +5.0% |
Summary: Southwest housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.2%, 2 bedroom homes increased by 3.9%, 3 bedroom homes increased by 2.5%, 4 bedroom homes decreased by 0.2%, and 5+ bedroom homes increased by 5%.
Median Sold Price Compared To Nearby Neighborhoods
| Lynnhurst | $678K | $657.5K | -3.0% |
| Southwest | $498.7K | $481.5K | -3.4% |
Housing Supply in Southwest, MN
How many homes are available in Southwest, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 184 | 230 | +25.0% |
Summary: The Southwest real estate market had 230 homes for sale in April 2024, a 25.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 11 | +10.0% |
| 2 Bedrooms | 21 | 31 | +47.6% |
| 3 Bedrooms | 73 | 85 | +16.4% |
| 4 Bedrooms | 54 | 69 | +27.8% |
| 5+ Bedrooms | 26 | 34 | +30.8% |
Summary: The Southwest housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 47.6%, 3 bedroom homes increased by 16.4%, 4 bedroom homes increased by 27.8%, and 5+ bedroom homes increased by 30.8%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 50 | 60 | +20.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
32 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southwest, you could pay more than the asking price. 53.3% of homes here sold above asking price last month.
Summary: A total of 60 homes were sold or pending in Southwest in April 2024, up by 20.0% month-over-month. Of the 60 sold homes, 20% were sold under asking, 27% were sold at asking, and 53% were sold over asking.
Days on Market for Southwest, MN
How long does it take to sell a home in Southwest, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 21 Days | 13 Days | -38.5% |
Summary: Homes in Southwest had an average of 13 days on market in Apr 2024, down by 38.5% compared to last year.
Breakdown of Home Sale Times
53 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southwest are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 60 homes were sold in Southwest; 88% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
