Is Wells, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Wells has remained a Seller's Market.
Key Takeaway
Wells is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Wells, MN
How much do homes in Wells, MN cost?
Median Sold Price
$151,000
$80/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Wells have sold for 19.8% more than they did a year ago.
Summary: The median home sold price in Wells was $151,000 in May 2024, up 19.8% from last year, and the median price per square foot was $80.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $6K | $105K | +1650.0% |
| 2 Bedrooms | $92.5K | $121K | +30.8% |
| 3 Bedrooms | $145K | $114.9K | -20.7% |
| 4 Bedrooms | $168.1K | $183.2K | +8.9% |
| 5+ Bedrooms | $64K | $300K | +368.8% |
Summary: Wells housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1650%, 2 bedroom homes increased by 30.8%, 3 bedroom homes decreased by 20.7%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 368.8%.
Housing Supply in Wells, MN
How many homes are available in Wells, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 12 | +20.0% |
Summary: The Wells real estate market had 12 homes for sale in May 2024, a 20.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 4 | 6 | +50.0% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Wells housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 50%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 3 | +200.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Wells, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Wells in May 2024, up by 200.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.
Days on Market for Wells, MN
How long does it take to sell a home in Wells, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 91 Days | 26 Days | -70.8% |
Summary: Homes in Wells had an average of 26 days on market in May 2024, down by 70.8% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Wells are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 3 homes were sold in Wells; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
