Is 55041, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55041 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55041 has remained a Seller's Market.

Key Takeaway

55041 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55041, MN

How much do homes in 55041, MN cost?

Median Sold Price

$303,000

$175/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$8,000(+2.7%)

Key Takeaway

Homes in 55041 have sold for 2.7% more than they did a year ago.

Summary: The median home sold price in 55041 was $303,000 in October 2024, up 2.7% from last year, and the median price per square foot was $175.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $272.5K$216.9K
-20.4%
2 $279.9K$261.5K
-6.6%
3 $270K$301.9K
+11.8%
4 $360K$410K
+13.9%
5+ $412.5K$405K
-1.8%

Summary: 55041 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20.4%, 2 bedroom homes decreased by 6.6%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 13.9%, and 5+ bedroom homes decreased by 1.8%.

Housing Supply in 55041, MN

How many homes are available in 55041, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4247+11.9%

Summary: The 55041 real estate market had 47 homes for sale in October 2024, a 11.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 13
+200.0%
2 912
+33.3%
3 1715
-11.8%
4 1315
+15.4%
5+ 22
0.0%

Summary: The 55041 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 11.8%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
912+33.3%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55041, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in 55041 in October 2024, up by 33.3% month-over-month. Of the 12 sold homes, 67% were sold under asking, 25% were sold at asking, and 8% were sold over asking.

Days on Market for 55041, MN

How long does it take to sell a home in 55041, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
10 Days49 Days+367.2%

Summary: Homes in 55041 had an average of 49 days on market in Oct 2024, up by 367.2% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55041 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 12 homes were sold in 55041; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% 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

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