Is 55070, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55070 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55070 has remained a Seller's Market.

Key Takeaway

55070 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55070, MN

How much do homes in 55070, MN cost?

Median Sold Price

$360,000

$192/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$20,300(+6.0%)

Key Takeaway

Homes in 55070 have sold for 6% more than they did a year ago.

Summary: The median home sold price in 55070 was $360,000 in October 2024, up 6% from last year, and the median price per square foot was $192.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$289.9K
N/A
2 $285K$287.5K
+0.9%
3 $336K$353.7K
+5.3%
4 $349.9K$372K
+6.3%
5+ $418.3K$492K
+17.6%

Summary: 55070 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 increased by 0.9%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 17.6%.

Median Sold Price Compared To Nearby Zip Codes

55005
+6.1%
55070
+6.0%
55398
+2.8%
55303
-0.9%
55040
-2.6%

Housing Supply in 55070, MN

How many homes are available in 55070, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3841+7.9%

Summary: The 55070 real estate market had 41 homes for sale in October 2024, a 7.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 74
-42.9%
3 1222
+83.3%
4 1211
-8.3%
5+ 74
-42.9%

Summary: The 55070 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 decreased by 42.9%, 3 bedroom homes increased by 83.3%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes decreased by 42.9%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
127-41.7%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55070, expect to pay close to the asking price. 57.1% of homes here sold near the asking price last month.

Summary: A total of 7 homes were sold or pending in 55070 in October 2024, down by 41.7% month-over-month. Of the 7 sold homes, 29% were sold under asking, 57% were sold at asking, and 14% were sold over asking.

Days on Market for 55070, MN

How long does it take to sell a home in 55070, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
22 Days49 Days+117.8%

Summary: Homes in 55070 had an average of 49 days on market in Oct 2024, up by 117.8% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55070 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 7 homes were sold in 55070; 43% of homes were sold within 30 days, 43% 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 55070, MN

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