$4,275 Closing Credit*
$359,990
2,091 SqFt
3 Beds
•2 Full Baths, 1 Partial
Listing Office: M/I Homes
Is 55016, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $272.5K | $178.5K | -34.5% |
| 2 Bedrooms | $265.2K | $285K | +7.4% |
| 3 Bedrooms | $364.4K | $369.7K | +1.4% |
| 4 Bedrooms | $458.4K | $421K | -8.2% |
| 5+ Bedrooms | $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%.
Housing Supply in 55016, MN
How many homes are available in 55016, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 217 | 255 | +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
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 18 | 20 | +11.1% |
| 3 Bedrooms | 90 | 99 | +10.0% |
| 4 Bedrooms | 71 | 90 | +26.8% |
| 5+ Bedrooms | 38 | 46 | +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 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 48 | 54 | +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
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 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 15 Days | 36 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
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.
