$10,000 Closing Credit*
$2,350,000
4,156 SqFt
5 Beds
•2 Full Baths, 1 Partial
Listing Office: Keller Williams Premier Realty Lake Minnetonka
Is 55405, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, 55405 was a Buyer's Market.
Key Takeaway
55405 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55405, MN
How much do homes in 55405, MN cost?
Median Sold Price
$437,500
$258/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$7,500(+1.7%)
Key Takeaway
Homes in 55405 have sold for 1.7% more than they did a year ago.
Summary: The median home sold price in 55405 was $437,500 in November 2024, up 1.7% from last year, and the median price per square foot was $258.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $107.5K | $120K | +11.6% |
| 2 Bedrooms | $310K | $295K | -4.8% |
| 3 Bedrooms | $550K | $450K | -18.2% |
| 4 Bedrooms | $722.4K | $750K | +3.8% |
| 5+ Bedrooms | $1.0M | $915K | -15.7% |
Summary: 55405 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.6%, 2 bedroom homes decreased by 4.8%, 3 bedroom homes decreased by 18.2%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes decreased by 15.7%.
Housing Supply in 55405, MN
How many homes are available in 55405, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 64 | 66 | +3.1% |
Summary: The 55405 real estate market had 66 homes for sale in November 2024, a 3.1% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 5 | -16.7% |
| 2 Bedrooms | 20 | 15 | -25.0% |
| 3 Bedrooms | 16 | 22 | +37.5% |
| 4 Bedrooms | 11 | 12 | +9.1% |
| 5+ Bedrooms | 11 | 12 | +9.1% |
Summary: The 55405 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes decreased by 25%, 3 bedroom homes increased by 37.5%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 9.1%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 14 | 14 | 0.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55405, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in 55405 in November 2024, the same as the previous month. Of the 14 sold homes, 43% were sold under asking, 43% were sold at asking, and 14% were sold over asking.
Days on Market for 55405, MN
How long does it take to sell a home in 55405, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 88 Days | 62 Days | -29.6% |
Summary: Homes in 55405 had an average of 62 days on market in Nov 2024, down by 29.6% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55405 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 14 homes were sold in 55405; 50% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
