Is 55316, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55316 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55316 has remained a Seller's Market.

Key Takeaway

55316 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55316, MN

How much do homes in 55316, MN cost?

Median Sold Price

$364,950

$186/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$50(0%)

Key Takeaway

The sold price of homes in 55316 has remained the same since last year.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $231.5K-
N/A
2 $258K$275K
+6.6%
3 $340K$341K
0.3%
4 $390K$397.5K
+1.9%
5+ $598.7K$497.5K
-16.9%

Summary: 55316 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.6%, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes decreased by 16.9%.

Median Sold Price Compared To Nearby Zip Codes

55369
+3.2%
55445
+2.9%
55433
+1.0%
55316
0%
55443
-3.9%

Housing Supply in 55316, MN

How many homes are available in 55316, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
8499+17.9%

Summary: The 55316 real estate market had 99 homes for sale in October 2024, a 17.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 712
+71.4%
3 3234
+6.3%
4 2531
+24.0%
5+ 2022
+10.0%

Summary: The 55316 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 71.4%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 24%, and 5+ bedroom homes increased by 10%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2318-21.7%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55316, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in 55316 in October 2024, down by 21.7% month-over-month. Of the 18 sold homes, 56% were sold under asking, 33% were sold at asking, and 11% were sold over asking.

Days on Market for 55316, MN

How long does it take to sell a home in 55316, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
26 Days32 Days+22.9%

Summary: Homes in 55316 had an average of 32 days on market in Oct 2024, up by 22.9% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55316 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 18 homes were sold in 55316; 61% of homes were sold within 30 days, 28% 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 20 Days Ago

Newest Listings in 55316, MN

Nearby Markets to 55316, MN