Is New Prague, 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, New Prague has remained a Seller's Market.
Key Takeaway
New Prague is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in New Prague, MN
How much do homes in New Prague, MN cost?
Median Sold Price
$389,950
$164/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in New Prague have sold for 6.1% more than they did a year ago.
Summary: The median home sold price in New Prague was $389,950 in May 2024, up 6.1% from last year, and the median price per square foot was $164.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $323.5K | - | N/A |
| 2 Bedrooms | $245K | $225.7K | -7.9% |
| 3 Bedrooms | $315K | $336K | +6.7% |
| 4 Bedrooms | $422.5K | $399.5K | -5.4% |
| 5+ Bedrooms | $449.9K | $475K | +5.6% |
Summary: New Prague housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 7.9%, 3 bedroom homes increased by 6.7%, 4 bedroom homes decreased by 5.4%, and 5+ bedroom homes increased by 5.6%.
Median Sold Price Compared To Nearby Cities
| New Prague | $365K | $389.9K | +6.8% |
| New Prague | $367.4K | $389.9K | +6.1% |
Housing Supply in New Prague, MN
How many homes are available in New Prague, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 44 | 54 | +22.7% |
Summary: The New Prague real estate market had 54 homes for sale in May 2024, a 22.7% 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 | 5 | 7 | +40.0% |
| 3 Bedrooms | 14 | 16 | +14.3% |
| 4 Bedrooms | 16 | 16 | 0.0% |
| 5+ Bedrooms | 9 | 15 | +66.7% |
Summary: The New Prague 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 increased by 40%, 3 bedroom homes increased by 14.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 14 | 0.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in New Prague, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in New Prague in May 2024, the same as the previous month. Of the 14 sold homes, 50% were sold under asking, 7% were sold at asking, and 43% were sold over asking.
Days on Market for New Prague, MN
How long does it take to sell a home in New Prague, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 15 Days | 28 Days | +86.8% |
Summary: Homes in New Prague had an average of 28 days on market in May 2024, up by 86.8% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in New Prague are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 14 homes were sold in New Prague; 57% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
