Is 55123, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55123 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55123 has remained a Seller's Market.

Key Takeaway

55123 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55123, MN

How much do homes in 55123, MN cost?

Median Sold Price

$435,000

$199/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$8,000(-1.8%)

Key Takeaway

Homes in 55123 have sold for 1.8% less than they did a year ago.

Summary: The median home sold price in 55123 was $435,000 in October 2024, down 1.8% from last year, and the median price per square foot was $199.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $171.5K$165K
-3.8%
2 $218K$249.9K
+14.7%
3 $392.5K$390K
-0.6%
4 $499.9K$470K
-6.0%
5+ $664.5K$650K
-2.2%

Summary: 55123 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.8%, 2 bedroom homes increased by 14.7%, 3 bedroom homes decreased by 0.6%, 4 bedroom homes decreased by 6%, and 5+ bedroom homes decreased by 2.2%.

Median Sold Price Compared To Nearby Zip Codes

55121
+12.3%
55068
+4.6%
55077
+2.0%
55122
-0.1%
55123
-1.8%

Housing Supply in 55123, MN

How many homes are available in 55123, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
9091+1.1%

Summary: The 55123 real estate market had 91 homes for sale in October 2024, a 1.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 20
-100.0%
2 1819
+5.6%
3 1815
-16.7%
4 3635
-2.8%
5+ 1622
+37.5%

Summary: The 55123 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 5.6%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes decreased by 2.8%, and 5+ bedroom homes increased by 37.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2426+8.3%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55123, you could pay more than the asking price. 38.5% of homes here sold above asking price last month.

Summary: A total of 26 homes were sold or pending in 55123 in October 2024, up by 8.3% month-over-month. Of the 26 sold homes, 31% were sold under asking, 31% were sold at asking, and 38% were sold over asking.

Days on Market for 55123, MN

How long does it take to sell a home in 55123, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
25 Days39 Days+54.4%

Summary: Homes in 55123 had an average of 39 days on market in Oct 2024, up by 54.4% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55123 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 26 homes were sold in 55123; 50% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 4% 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 21 Days Ago

Newest Listings in 55123, MN

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