Is Downtown East, 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, Downtown East has remained a Seller's Market.
Key Takeaway
Downtown East is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Downtown East, MN
How much do homes in Downtown East, MN cost?
Median Sold Price
$602,500
$395/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Downtown East have sold for 0.9% more than they did a year ago.
Summary: The median home sold price in Downtown East was $602,500 in May 2024, up 0.9% from last year, and the median price per square foot was $395.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $432.5K | +57.3% |
| 2 Bedrooms | $571.5K | $595K | +4.1% |
| 3 Bedrooms | $1.0M | $820K | -18.0% |
| 4 Bedrooms | $1.6M | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Downtown East housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 57.3%, 2 bedroom homes increased by 4.1%, 3 bedroom homes decreased by 18%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Downtown West | $225K | $235K | +4.4% |
| Central | $329.9K | $340.1K | +3.1% |
| Downtown East | $597K | $602.5K | +0.9% |
Housing Supply in Downtown East, MN
How many homes are available in Downtown East, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 44 | 49 | +11.4% |
Summary: The Downtown East real estate market had 49 homes for sale in May 2024, a 11.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 8 | +33.3% |
| 2 Bedrooms | 30 | 32 | +6.7% |
| 3 Bedrooms | 8 | 9 | +12.5% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Downtown East housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 12.5%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 9 | -18.2% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Downtown East, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Downtown East in May 2024, down by 18.2% month-over-month. Of the 9 sold homes, 44% were sold under asking, 33% were sold at asking, and 22% were sold over asking.
Days on Market for Downtown East, MN
How long does it take to sell a home in Downtown East, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 32 Days | 41 Days | +27.8% |
Summary: Homes in Downtown East had an average of 41 days on market in May 2024, up by 27.8% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Downtown East has remained consistent over time.
Summary: During May 2024, 9 homes were sold in Downtown East; 33% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
