Is 55340, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55340 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 55340 was a Seller's Market.

Key Takeaway

55340 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in 55340, MN

How much do homes in 55340, MN cost?

Median Sold Price

$650,000

$236/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$20,000(-3.0%)

Key Takeaway

Homes in 55340 have sold for 3% less than they did a year ago.

Summary: The median home sold price in 55340 was $650,000 in October 2024, down 3% from last year, and the median price per square foot was $236.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $414.9K$344.9K
-16.9%
3 $456.7K$479.4K
+5.0%
4 $686.3K$689.9K
0.5%
5+ $850K$865K
+1.8%

Summary: 55340 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 decreased by 16.9%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 0.5%, and 5+ bedroom homes increased by 1.8%.

Median Sold Price Compared To Nearby Zip Codes

55356
+74.1%
55357
+9.5%
55446
+3.7%
55311
-0.9%
55340
-3.0%

Housing Supply in 55340, MN

How many homes are available in 55340, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
119150+26.1%

Summary: The 55340 real estate market had 150 homes for sale in October 2024, a 26.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1013
+30.0%
3 5562
+12.7%
4 3544
+25.7%
5+ 1931
+63.2%

Summary: The 55340 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 30%, 3 bedroom homes increased by 12.7%, 4 bedroom homes increased by 25.7%, and 5+ bedroom homes increased by 63.2%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1424+71.4%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55340, you may be able to get a good deal. 41.7% of homes here sold below asking price last month.

Summary: A total of 24 homes were sold or pending in 55340 in October 2024, up by 71.4% month-over-month. Of the 24 sold homes, 42% were sold under asking, 21% were sold at asking, and 38% were sold over asking.

Days on Market for 55340, MN

How long does it take to sell a home in 55340, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
35 Days24 Days-31.7%

Summary: Homes in 55340 had an average of 24 days on market in Oct 2024, down by 31.7% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55340 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 24 homes were sold in 55340; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% 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 55340, MN

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