Is Olmsted County, 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, Olmsted County has remained a Seller's Market.
Key Takeaway
Olmsted County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Olmsted County, MN
How much do homes in Olmsted County, MN cost?
Median Sold Price
$320,000
$170/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Olmsted County have sold for 2.3% more than they did a year ago.
Summary: The median home sold price in Olmsted County was $320,000 in May 2024, up 2.3% from last year, and the median price per square foot was $170.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $121K | $133.5K | +10.3% |
| 2 Bedrooms | $225K | $240K | +6.7% |
| 3 Bedrooms | $274.4K | $279.7K | +1.9% |
| 4 Bedrooms | $359K | $372K | +3.6% |
| 5+ Bedrooms | $530K | $582.5K | +9.9% |
Summary: Olmsted County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.3%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 9.9%.
Median Sold Price Compared To Nearby Counties
| Mower County | $171.5K | $185.8K | +8.3% |
| Dodge County | $261.1K | $279.9K | +7.2% |
| Wabasha County | $274K | $285K | +4.0% |
| Olmsted County | $312.6K | $320K | +2.3% |
| Goodhue County | $285K | $291.4K | +2.3% |
Housing Supply in Olmsted County, MN
How many homes are available in Olmsted County, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 783 | 839 | +7.2% |
Summary: The Olmsted County real estate market had 839 homes for sale in May 2024, a 7.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 9 | +28.6% |
| 2 Bedrooms | 138 | 134 | -2.9% |
| 3 Bedrooms | 209 | 244 | +16.7% |
| 4 Bedrooms | 299 | 318 | +6.4% |
| 5+ Bedrooms | 130 | 134 | +3.1% |
Summary: The Olmsted County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 28.6%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 3.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 180 | 201 | +11.7% |
Asking Price vs. Sold Price
55 Homes Were Sold
Under Asking
57 Homes Were Sold
At Asking
89 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Olmsted County, you could pay more than the asking price. 44.3% of homes here sold above asking price last month.
Summary: A total of 201 homes were sold or pending in Olmsted County in May 2024, up by 11.7% month-over-month. Of the 201 sold homes, 27% were sold under asking, 28% were sold at asking, and 44% were sold over asking.
Days on Market for Olmsted County, MN
How long does it take to sell a home in Olmsted County, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 26 Days | 23 Days | -12.0% |
Summary: Homes in Olmsted County had an average of 23 days on market in May 2024, down by 12% compared to last year.
Breakdown of Home Sale Times
164 Homes Were Sold
Under 30 Days
24 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Olmsted County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 201 homes were sold in Olmsted County; 82% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
