$4,749 Closing Credit*
$399,900
1,858 SqFt
3 Beds
•1 Full Bath
Listing Office: Re/Max Advantage Plus
Is 55116, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 55116 has remained a Seller's Market.
Key Takeaway
55116 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55116, MN
How much do homes in 55116, MN cost?
Median Sold Price
$437,000
$245/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$11,333(-2.5%)
Key Takeaway
Homes in 55116 have sold for 2.5% less than they did a year ago.
Summary: The median home sold price in 55116 was $437,000 in November 2024, down 2.5% from last year, and the median price per square foot was $245.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $167K | $165K | -1.2% |
| 2 Bedrooms | $294.5K | $257K | -12.7% |
| 3 Bedrooms | $439.9K | $443K | +0.7% |
| 4 Bedrooms | $528.2K | $547.5K | +3.6% |
| 5+ Bedrooms | $565K | $660K | +16.8% |
Summary: 55116 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.2%, 2 bedroom homes decreased by 12.7%, 3 bedroom homes increased by 0.7%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 16.8%.
Housing Supply in 55116, MN
How many homes are available in 55116, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 88 | 92 | +4.5% |
Summary: The 55116 real estate market had 92 homes for sale in November 2024, a 4.5% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 5 | -16.7% |
| 2 Bedrooms | 16 | 18 | +12.5% |
| 3 Bedrooms | 39 | 40 | +2.6% |
| 4 Bedrooms | 12 | 16 | +33.3% |
| 5+ Bedrooms | 15 | 13 | -13.3% |
Summary: The 55116 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 13.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 18 | 26 | +44.4% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55116, you may be able to get a good deal. 57.7% of homes here sold below asking price last month.
Summary: A total of 26 homes were sold or pending in 55116 in November 2024, up by 44.4% month-over-month. Of the 26 sold homes, 58% were sold under asking, 15% were sold at asking, and 27% were sold over asking.
Days on Market for 55116, MN
How long does it take to sell a home in 55116, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 23 Days | 30 Days | +31.1% |
Summary: Homes in 55116 had an average of 30 days on market in Nov 2024, up by 31.1% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55116 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 26 homes were sold in 55116; 62% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
