Is 55117, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55117 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55117 has remained a Seller's Market.

Key Takeaway

55117 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55117, MN

How much do homes in 55117, MN cost?

Median Sold Price

$277,000

$178/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$15,750(+6.0%)

Key Takeaway

Homes in 55117 have sold for 6% more than they did a year ago.

Summary: The median home sold price in 55117 was $277,000 in October 2024, up 6% from last year, and the median price per square foot was $178.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $139K$130K
-6.5%
2 $180K$195K
+8.3%
3 $285K$280K
-1.8%
4 $338K$370K
+9.5%
5+ $359.7K$335K
-6.9%

Summary: 55117 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.5%, 2 bedroom homes increased by 8.3%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes increased by 9.5%, and 5+ bedroom homes decreased by 6.9%.

Median Sold Price Compared To Nearby Zip Codes

55117
+6.0%
55113
+5.6%
55109
+0.7%
55130
-3.3%

Housing Supply in 55117, MN

How many homes are available in 55117, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
108129+19.4%

Summary: The 55117 real estate market had 129 homes for sale in October 2024, a 19.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 56
+20.0%
2 2729
+7.4%
3 4964
+30.6%
4 2223
+4.5%
5+ 57
+40.0%

Summary: The 55117 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 30.6%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2330+30.4%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55117, you could pay more than the asking price. 43.3% of homes here sold above asking price last month.

Summary: A total of 30 homes were sold or pending in 55117 in October 2024, up by 30.4% month-over-month. Of the 30 sold homes, 33% were sold under asking, 23% were sold at asking, and 43% were sold over asking.

Days on Market for 55117, MN

How long does it take to sell a home in 55117, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
23 Days34 Days+48.8%

Summary: Homes in 55117 had an average of 34 days on market in Oct 2024, up by 48.8% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55117 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 30 homes were sold in 55117; 57% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 3% 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 55117, MN

Nearby Markets to 55117, MN