Is 55318, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55318 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55318 has remained a Seller's Market.

Key Takeaway

55318 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55318, MN

How much do homes in 55318, MN cost?

Median Sold Price

$473,000

$199/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$41,736(+9.7%)

Key Takeaway

Homes in 55318 have sold for 9.7% more than they did a year ago.

Summary: The median home sold price in 55318 was $473,000 in October 2024, up 9.7% from last year, and the median price per square foot was $199.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $145K$129.7K
-10.6%
2 $280K$285K
+1.8%
3 $369.9K$373.7K
+1.0%
4 $527.5K$542.4K
+2.8%
5+ $655.7K$674.5K
+2.9%

Summary: 55318 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 10.6%, 2 bedroom homes increased by 1.8%, 3 bedroom homes increased by 1%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 2.9%.

Median Sold Price Compared To Nearby Zip Codes

55317
+10.9%
55318
+9.7%
55315
+4.7%
55386
-5.0%
55331
-6.6%

Housing Supply in 55318, MN

How many homes are available in 55318, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
207249+20.3%

Summary: The 55318 real estate market had 249 homes for sale in October 2024, a 20.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 23
+50.0%
2 3234
+6.3%
3 6083
+38.3%
4 6177
+26.2%
5+ 5252
0.0%

Summary: The 55318 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 6.3%, 3 bedroom homes increased by 38.3%, 4 bedroom homes increased by 26.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4049+22.5%

Asking Price vs. Sold Price

23 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55318, you may be able to get a good deal. 46.9% of homes here sold below asking price last month.

Summary: A total of 49 homes were sold or pending in 55318 in October 2024, up by 22.5% month-over-month. Of the 49 sold homes, 47% were sold under asking, 20% were sold at asking, and 33% were sold over asking.

Days on Market for 55318, MN

How long does it take to sell a home in 55318, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
27 Days32 Days+17.7%

Summary: Homes in 55318 had an average of 32 days on market in Oct 2024, up by 17.7% compared to last year.

Breakdown of Home Sale Times

31 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55318 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 49 homes were sold in 55318; 63% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 8% 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 55318, MN

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