Is 55020, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55020 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 55020 was a Seller's Market.

Key Takeaway

55020 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in 55020, MN

How much do homes in 55020, MN cost?

Median Sold Price

$477,500

$182/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$22,450(-4.5%)

Key Takeaway

Homes in 55020 have sold for 4.5% less than they did a year ago.

Summary: The median home sold price in 55020 was $477,500 in October 2024, down 4.5% from last year, and the median price per square foot was $182.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $415K$209.5K
-49.5%
3 $462.4K$415K
-10.3%
4 $499.9K$523.5K
+4.7%
5+ $619.5K$502K
-19.0%

Summary: 55020 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 49.5%, 3 bedroom homes decreased by 10.3%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes decreased by 19%.

Median Sold Price Compared To Nearby Zip Codes

55372
+6.8%
55044
+4.3%
55020
-4.5%
55054
-4.8%

Housing Supply in 55020, MN

How many homes are available in 55020, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2327+17.4%

Summary: The 55020 real estate market had 27 homes for sale in October 2024, a 17.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 00
0.0%
3 109
-10.0%
4 810
+25.0%
5+ 58
+60.0%

Summary: The 55020 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 remained the same, 3 bedroom homes decreased by 10%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 60%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
440.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55020, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in 55020 in October 2024, the same as the previous month. Of the 4 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.

Days on Market for 55020, MN

How long does it take to sell a home in 55020, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
25 Days36 Days+43.2%

Summary: Homes in 55020 had an average of 36 days on market in Oct 2024, up by 43.2% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55020 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 4 homes were sold in 55020; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% 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 21 Days Ago

Newest Listings in 55020, MN

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