Is 55124, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55124 is a seller's market

Buyer's
Market

Difference Since December 2023

Since last year, 55124 has remained a Seller's Market.

Key Takeaway

55124 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55124, MN

How much do homes in 55124, MN cost?

Median Sold Price

$374,974

$189/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$14,974(+4.2%)

Key Takeaway

Homes in 55124 have sold for 4.2% more than they did a year ago.

Summary: The median home sold price in 55124 was $374,974 in December 2024, up 4.2% from last year, and the median price per square foot was $189.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $140.5K$141.7K
+0.9%
2 $250K$259.9K
+4.0%
3 $355.5K$372K
+4.6%
4 $438K$440.1K
0.5%
5+ $519K$532K
+2.5%

Summary: 55124 housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.9%, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 0.5%, and 5+ bedroom homes increased by 2.5%.

Median Sold Price Compared To Nearby Zip Codes

55337
+4.5%
55124
+4.2%
55068
+3.8%
55306
+1.6%
55122
-1.6%

Housing Supply in 55124, MN

How many homes are available in 55124, MN?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
167139-16.8%

Summary: The 55124 real estate market had 139 homes for sale in December 2024, a 16.8% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 53
-40.0%
2 4237
-11.9%
3 4642
-8.7%
4 6244
-29.0%
5+ 1213
+8.3%

Summary: The 55124 housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 40%, 2 bedroom homes decreased by 11.9%, 3 bedroom homes decreased by 8.7%, 4 bedroom homes decreased by 29%, and 5+ bedroom homes increased by 8.3%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
5137-27.5%

Asking Price vs. Sold Price

20 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer54%27%19%

Key Takeaway

If you're buying a home in 55124, you may be able to get a good deal. 54.1% of homes here sold below asking price last month.

Summary: A total of 37 homes were sold or pending in 55124 in December 2024, down by 27.5% month-over-month. Of the 37 sold homes, 54% were sold under asking, 19% were sold at asking, and 27% were sold over asking.

Days on Market for 55124, MN

How long does it take to sell a home in 55124, MN?

Average Sale Time

Dec 2023Dec 2024CHANGE
32 Days34 Days+9.0%

Summary: Homes in 55124 had an average of 34 days on market in Dec 2024, up by 9% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times57%32%11%

Key Takeaway

Many homes in 55124 are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 37 homes were sold in 55124; 57% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 11% 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 10 Days Ago

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