Is 55071, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55071 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55071 has remained a Seller's Market.

Key Takeaway

55071 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55071, MN

How much do homes in 55071, MN cost?

Median Sold Price

$293,000

$179/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$17,500(-5.6%)

Key Takeaway

Homes in 55071 have sold for 5.6% less than they did a year ago.

Summary: The median home sold price in 55071 was $293,000 in October 2024, down 5.6% from last year, and the median price per square foot was $179.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $160K$195K
+21.9%
2 $230.5K$246.9K
+7.1%
3 $295K$289.5K
-1.9%
4 $335K$339K
+1.2%
5+ $367.5K$430K
+17.0%

Summary: 55071 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.9%, 2 bedroom homes increased by 7.1%, 3 bedroom homes decreased by 1.9%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 17%.

Median Sold Price Compared To Nearby Zip Codes

55016
+0.6%
55076
0.5%
55055
-5.3%
55071
-5.6%

Housing Supply in 55071, MN

How many homes are available in 55071, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1614-12.5%

Summary: The 55071 real estate market had 14 homes for sale in October 2024, a 12.5% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 01
+100.0%
2 11
0.0%
3 85
-37.5%
4 54
-20.0%
5+ 23
+50.0%

Summary: The 55071 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 decreased by 37.5%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
63-50.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55071, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 3 homes were sold or pending in 55071 in October 2024, down by 50.0% month-over-month. Of the 3 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.

Days on Market for 55071, MN

How long does it take to sell a home in 55071, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
28 Days8 Days-72.2%

Summary: Homes in 55071 had an average of 8 days on market in Oct 2024, down by 72.2% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55071 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 3 homes were sold in 55071; 100% of homes were sold within 30 days, 0% 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 5 Days Ago

Newest Listings in 55071, MN

Nearby Markets to 55071, MN