$4,156 Closing Credit*
$350,000
1,237 SqFt
2 Beds
•1 Full Bath
Listing Office: Coldwell Banker Realty
Is 55116, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$439,333
$245/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$10,666(-2.4%)
Key Takeaway
Homes in 55116 have sold for 2.4% less than they did a year ago.
Summary: The median home sold price in 55116 was $439,333 in October 2024, down 2.4% from last year, and the median price per square foot was $245.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $158.5K | $175K | +10.4% |
| 2 Bedrooms | $285K | $256K | -10.2% |
| 3 Bedrooms | $445K | $443K | -0.4% |
| 4 Bedrooms | $534K | $545K | +2.1% |
| 5+ Bedrooms | $700K | $637.5K | -8.9% |
Summary: 55116 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.4%, 2 bedroom homes decreased by 10.2%, 3 bedroom homes decreased by 0.4%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes decreased by 8.9%.
Housing Supply in 55116, MN
How many homes are available in 55116, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 98 | 95 | -3.1% |
Summary: The 55116 real estate market had 95 homes for sale in October 2024, a 3.1% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 15 | 16 | +6.7% |
| 3 Bedrooms | 49 | 46 | -6.1% |
| 4 Bedrooms | 17 | 13 | -23.5% |
| 5+ Bedrooms | 12 | 15 | +25.0% |
Summary: The 55116 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 increased by 6.7%, 3 bedroom homes decreased by 6.1%, 4 bedroom homes decreased by 23.5%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 28 | 17 | -39.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55116, you could pay more than the asking price. 52.9% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in 55116 in October 2024, down by 39.3% month-over-month. Of the 17 sold homes, 29% were sold under asking, 18% were sold at asking, and 53% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 8 Days | 49 Days | +488.9% |
Summary: Homes in 55116 had an average of 49 days on market in Oct 2024, up by 488.9% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
5 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 October 2024, 17 homes were sold in 55116; 53% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
