Is 55118, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55118 is a 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

# BEDSOct 2023Oct 2024CHANGE
1 $245K$155K
-36.7%
2 $240K$229K
-4.6%
3 $330K$358K
+8.5%
4 $422.4K$452.4K
+7.1%
5+ $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%.

Median Sold Price Compared To Nearby Zip Codes

55118
+5.6%
55075
+4.6%
55107
+3.7%
55102
-1.2%

Housing Supply in 55118, MN

How many homes are available in 55118, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
114122+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

# BEDSSep 2024Oct 2024CHANGE
1 56
+20.0%
2 2731
+14.8%
3 4141
0.0%
4 2730
+11.1%
5+ 1414
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 2024Oct 2024CHANGE
3023-23.3%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

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 2023Oct 2024CHANGE
19 Days36 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

Breakdown of Home Sale Times

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in 55118, MN

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