Is 55008, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55008 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55008 has remained a Seller's Market.

Key Takeaway

55008 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55008, MN

How much do homes in 55008, MN cost?

Median Sold Price

$310,000

$176/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$2,000(+0.6%)

Key Takeaway

Homes in 55008 have sold for 0.6% more than they did a year ago.

Summary: The median home sold price in 55008 was $310,000 in October 2024, up 0.6% from last year, and the median price per square foot was $176.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $170K$235.5K
+38.5%
2 $245K$262.1K
+7.0%
3 $315K$310K
-1.6%
4 $316K$324K
+2.5%
5+ $383.5K$359.7K
-6.2%

Summary: 55008 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 38.5%, 2 bedroom homes increased by 7%, 3 bedroom homes decreased by 1.6%, 4 bedroom homes increased by 2.5%, and 5+ bedroom homes decreased by 6.2%.

Median Sold Price Compared To Nearby Zip Codes

55008
+0.6%
55040
-2.6%
55080
-4.1%

Housing Supply in 55008, MN

How many homes are available in 55008, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
102108+5.9%

Summary: The 55008 real estate market had 108 homes for sale in October 2024, a 5.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 2425
+4.2%
3 4850
+4.2%
4 2427
+12.5%
5+ 66
0.0%

Summary: The 55008 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2923-20.7%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55008, you could pay more than the asking price. 43.5% of homes here sold above asking price last month.

Summary: A total of 23 homes were sold or pending in 55008 in October 2024, down by 20.7% month-over-month. Of the 23 sold homes, 35% were sold under asking, 22% were sold at asking, and 43% were sold over asking.

Days on Market for 55008, MN

How long does it take to sell a home in 55008, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
30 Days27 Days-9.7%

Summary: Homes in 55008 had an average of 27 days on market in Oct 2024, down by 9.7% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55008 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 23 homes were sold in 55008; 70% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in 55008, MN

Nearby Markets to 55008, MN