Is 55042, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55042 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55042 has remained a Seller's Market.

Key Takeaway

55042 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55042, MN

How much do homes in 55042, MN cost?

Median Sold Price

$671,000

$223/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$31,100(+4.9%)

Key Takeaway

Homes in 55042 have sold for 4.9% more than they did a year ago.

Summary: The median home sold price in 55042 was $671,000 in October 2024, up 4.9% from last year, and the median price per square foot was $223.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $863.8K$560K
-35.2%
3 $459.6K$589.9K
+28.3%
4 $699.9K$707.9K
+1.2%
5+ $880K$850K
-3.4%

Summary: 55042 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 35.2%, 3 bedroom homes increased by 28.3%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes decreased by 3.4%.

Median Sold Price Compared To Nearby Zip Codes

55115
+8.0%
55082
+8.0%
55042
+4.9%
55125
+3.9%
55128
+1.0%

Housing Supply in 55042, MN

How many homes are available in 55042, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
95104+9.5%

Summary: The 55042 real estate market had 104 homes for sale in October 2024, a 9.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 11
0.0%
3 5256
+7.7%
4 2528
+12.0%
5+ 1719
+11.8%

Summary: The 55042 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 increased by 7.7%, 4 bedroom homes increased by 12%, and 5+ bedroom homes increased by 11.8%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1422+57.1%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55042, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.

Summary: A total of 22 homes were sold or pending in 55042 in October 2024, up by 57.1% month-over-month. Of the 22 sold homes, 55% were sold under asking, 14% were sold at asking, and 32% were sold over asking.

Days on Market for 55042, MN

How long does it take to sell a home in 55042, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
64 Days43 Days-32.9%

Summary: Homes in 55042 had an average of 43 days on market in Oct 2024, down by 32.9% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55042 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 22 homes were sold in 55042; 59% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 14% 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 55042, MN

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