$4,038 Closing Credit*
$340,000
1,551 SqFt
4 Beds
•1 Full Bath
Listing Office: Edina Realty, Inc.
Is 55118, 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, 55118 has remained a Seller's Market.
Key Takeaway
55118 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55118, MN
How much do homes in 55118, MN cost?
Median Sold Price
$349,900
$191/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$18,500(+5.6%)
Key Takeaway
Homes in 55118 have sold for 5.6% more than they did a year ago.
Summary: The median home sold price in 55118 was $349,900 in October 2024, up 5.6% from last year, and the median price per square foot was $191.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $245K | $155K | -36.7% |
| 2 Bedrooms | $240K | $229K | -4.6% |
| 3 Bedrooms | $330K | $358K | +8.5% |
| 4 Bedrooms | $422.4K | $452.4K | +7.1% |
| 5+ Bedrooms | $506K | $774K | +53.0% |
Summary: 55118 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 36.7%, 2 bedroom homes decreased by 4.6%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 53%.
Housing Supply in 55118, MN
How many homes are available in 55118, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 114 | 122 | +7.0% |
Summary: The 55118 real estate market had 122 homes for sale in October 2024, a 7.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 6 | +20.0% |
| 2 Bedrooms | 27 | 31 | +14.8% |
| 3 Bedrooms | 41 | 41 | 0.0% |
| 4 Bedrooms | 27 | 30 | +11.1% |
| 5+ Bedrooms | 14 | 14 | 0.0% |
Summary: The 55118 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 14.8%, 3 bedroom homes remained the same, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 30 | 23 | -23.3% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55118, you may be able to get a good deal. 47.8% of homes here sold below asking price last month.
Summary: A total of 23 homes were sold or pending in 55118 in October 2024, down by 23.3% month-over-month. Of the 23 sold homes, 48% were sold under asking, 26% were sold at asking, and 26% were sold over asking.
Days on Market for 55118, MN
How long does it take to sell a home in 55118, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 19 Days | 36 Days | +88.4% |
Summary: Homes in 55118 had an average of 36 days on market in Oct 2024, up by 88.4% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55118 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 23 homes were sold in 55118; 57% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
