Is Faribault, 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, Faribault has remained a Seller's Market.
Key Takeaway
Faribault is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Faribault, MN
How much do homes in Faribault, MN cost?
Median Sold Price
$285,000
$157/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Faribault have sold for 11.8% more than they did a year ago.
Summary: The median home sold price in Faribault was $285,000 in May 2024, up 11.8% from last year, and the median price per square foot was $157.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $197.5K | $124.9K | -36.8% |
| 2 Bedrooms | $208.5K | $230K | +10.3% |
| 3 Bedrooms | $238K | $265K | +11.3% |
| 4 Bedrooms | $285K | $325K | +14.0% |
| 5+ Bedrooms | $362.5K | $410K | +13.1% |
Summary: Faribault housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 36.8%, 2 bedroom homes increased by 10.3%, 3 bedroom homes increased by 11.3%, 4 bedroom homes increased by 14%, and 5+ bedroom homes increased by 13.1%.
Median Sold Price Compared To Nearby Cities
| Wells Township | $175K | $229.9K | +31.4% |
| Faribault | $255K | $285K | +11.8% |
Housing Supply in Faribault, MN
How many homes are available in Faribault, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 91 | 101 | +11.0% |
Summary: The Faribault real estate market had 101 homes for sale in May 2024, a 11.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 5 | +150.0% |
| 2 Bedrooms | 21 | 18 | -14.3% |
| 3 Bedrooms | 36 | 36 | 0.0% |
| 4 Bedrooms | 22 | 28 | +27.3% |
| 5+ Bedrooms | 10 | 14 | +40.0% |
Summary: The Faribault housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 150%, 2 bedroom homes decreased by 14.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 27.3%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 34 | 20 | -41.2% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Faribault, you could pay more than the asking price. 45% of homes here sold above asking price last month.
Summary: A total of 20 homes were sold or pending in Faribault in May 2024, down by 41.2% month-over-month. Of the 20 sold homes, 25% were sold under asking, 30% were sold at asking, and 45% were sold over asking.
Days on Market for Faribault, MN
How long does it take to sell a home in Faribault, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 35 Days | +65.9% |
Summary: Homes in Faribault had an average of 35 days on market in May 2024, up by 65.9% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Faribault are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 20 homes were sold in Faribault; 60% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
