$7,588 Closing Credit*
$639,000
2,405 SqFt
4 Beds
•2 Full Baths, 2 Partial
Listing Office: Home Smart Realty, Inc.
Is 55040, 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, 55040 has remained a Seller's Market.
Key Takeaway
55040 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55040, MN
How much do homes in 55040, MN cost?
Median Sold Price
$330,500
$199/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$8,950(-2.6%)
Key Takeaway
Homes in 55040 have sold for 2.6% less than they did a year ago.
Summary: The median home sold price in 55040 was $330,500 in October 2024, down 2.6% from last year, and the median price per square foot was $199.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $125K | $156K | +24.8% |
| 2 Bedrooms | $295K | $270K | -8.5% |
| 3 Bedrooms | $335K | $343.4K | +2.5% |
| 4 Bedrooms | $360K | $324.9K | -9.8% |
| 5+ Bedrooms | $380K | $424.9K | +11.8% |
Summary: 55040 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.8%, 2 bedroom homes decreased by 8.5%, 3 bedroom homes increased by 2.5%, 4 bedroom homes decreased by 9.8%, and 5+ bedroom homes increased by 11.8%.
Housing Supply in 55040, MN
How many homes are available in 55040, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 64 | 70 | +9.4% |
Summary: The 55040 real estate market had 70 homes for sale in October 2024, a 9.4% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 18 | 18 | 0.0% |
| 3 Bedrooms | 32 | 34 | +6.3% |
| 4 Bedrooms | 8 | 10 | +25.0% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The 55040 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 16 | 12 | -25.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55040, you may be able to get a good deal. 41.7% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in 55040 in October 2024, down by 25.0% month-over-month. Of the 12 sold homes, 42% were sold under asking, 42% were sold at asking, and 17% were sold over asking.
Days on Market for 55040, MN
How long does it take to sell a home in 55040, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 35 Days | 34 Days | -3.9% |
Summary: Homes in 55040 had an average of 34 days on market in Oct 2024, down by 3.9% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 55040 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 12 homes were sold in 55040; 58% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
