Is 55317, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55317 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55317 has remained a Seller's Market.

Key Takeaway

55317 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55317, MN

How much do homes in 55317, MN cost?

Median Sold Price

$510,000

$211/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$50,000(+10.9%)

Key Takeaway

Homes in 55317 have sold for 10.9% more than they did a year ago.

Summary: The median home sold price in 55317 was $510,000 in October 2024, up 10.9% from last year, and the median price per square foot was $211.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $201.3K$190K
-5.7%
2 $279.9K$289.5K
+3.4%
3 $410K$430K
+4.9%
4 $580K$576.5K
-0.6%
5+ $785K$812.5K
+3.5%

Summary: 55317 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.7%, 2 bedroom homes increased by 3.4%, 3 bedroom homes increased by 4.9%, 4 bedroom homes decreased by 0.6%, and 5+ bedroom homes increased by 3.5%.

Median Sold Price Compared To Nearby Zip Codes

55317
+10.9%
55318
+9.7%
55346
+3.4%
55347
+1.2%
55331
-6.6%

Housing Supply in 55317, MN

How many homes are available in 55317, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
8687+1.2%

Summary: The 55317 real estate market had 87 homes for sale in October 2024, a 1.2% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 23
+50.0%
2 1822
+22.2%
3 2724
-11.1%
4 2316
-30.4%
5+ 1622
+37.5%

Summary: The 55317 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 22.2%, 3 bedroom homes decreased by 11.1%, 4 bedroom homes decreased by 30.4%, and 5+ bedroom homes increased by 37.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2216-27.3%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55317, you may be able to get a good deal. 43.8% of homes here sold below asking price last month.

Summary: A total of 16 homes were sold or pending in 55317 in October 2024, down by 27.3% month-over-month. Of the 16 sold homes, 44% were sold under asking, 25% were sold at asking, and 31% were sold over asking.

Days on Market for 55317, MN

How long does it take to sell a home in 55317, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
21 Days37 Days+74.3%

Summary: Homes in 55317 had an average of 37 days on market in Oct 2024, up by 74.3% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55317 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 16 homes were sold in 55317; 44% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 6% 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 55317, MN

Nearby Markets to 55317, MN