Is 55016, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55016 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55016 has remained a Seller's Market.

Key Takeaway

55016 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55016, MN

How much do homes in 55016, MN cost?

Median Sold Price

$397,398

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$2,198(+0.6%)

Key Takeaway

Homes in 55016 have sold for 0.6% more than they did a year ago.

Summary: The median home sold price in 55016 was $397,398 in October 2024, up 0.6% from last year, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $272.5K$178.5K
-34.5%
2 $265.2K$285K
+7.4%
3 $364.4K$369.7K
+1.4%
4 $458.4K$421K
-8.2%
5+ $488K$497.6K
+2.0%

Summary: 55016 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 34.5%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 1.4%, 4 bedroom homes decreased by 8.2%, and 5+ bedroom homes increased by 2%.

Median Sold Price Compared To Nearby Zip Codes

55033
+3.0%
55016
+0.6%
55129
-4.5%
55055
-5.3%
55071
-5.6%

Housing Supply in 55016, MN

How many homes are available in 55016, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
217255+17.5%

Summary: The 55016 real estate market had 255 homes for sale in October 2024, a 17.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1820
+11.1%
3 9099
+10.0%
4 7190
+26.8%
5+ 3846
+21.1%

Summary: The 55016 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 11.1%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 26.8%, and 5+ bedroom homes increased by 21.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4854+12.5%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

19 Homes Were Sold
At Asking

21 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55016, you could pay more than the asking price. 38.9% of homes here sold above asking price last month.

Summary: A total of 54 homes were sold or pending in 55016 in October 2024, up by 12.5% month-over-month. Of the 54 sold homes, 26% were sold under asking, 35% were sold at asking, and 39% were sold over asking.

Days on Market for 55016, MN

How long does it take to sell a home in 55016, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
15 Days36 Days+142.6%

Summary: Homes in 55016 had an average of 36 days on market in Oct 2024, up by 142.6% compared to last year.

Breakdown of Home Sale Times

31 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55016 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 54 homes were sold in 55016; 57% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 6% 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 55016, MN

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