$9,200 Closing Credit*
$774,750
3,246 SqFt
4 Beds
•3 Full Baths, 1 Partial
Listing Office: Lakes Area Realty G.V.
Is 55406, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 55406 has remained a Seller's Market.
Key Takeaway
55406 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55406, MN
How much do homes in 55406, MN cost?
Median Sold Price
$326,500
$245/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$2,500(-0.8%)
Key Takeaway
Homes in 55406 have sold for 0.8% less than they did a year ago.
Summary: The median home sold price in 55406 was $326,500 in November 2024, down 0.8% from last year, and the median price per square foot was $245.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $184.9K | $160K | -13.5% |
| 2 Bedrooms | $280K | $285K | +1.8% |
| 3 Bedrooms | $350K | $345K | -1.4% |
| 4 Bedrooms | $452.5K | $455K | +0.6% |
| 5+ Bedrooms | $405K | $518K | +27.9% |
Summary: 55406 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.5%, 2 bedroom homes increased by 1.8%, 3 bedroom homes decreased by 1.4%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes increased by 27.9%.
Housing Supply in 55406, MN
How many homes are available in 55406, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 107 | 97 | -9.3% |
Summary: The 55406 real estate market had 97 homes for sale in November 2024, a 9.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 0 | -100.0% |
| 2 Bedrooms | 32 | 29 | -9.4% |
| 3 Bedrooms | 38 | 39 | +2.6% |
| 4 Bedrooms | 26 | 26 | 0.0% |
| 5+ Bedrooms | 7 | 3 | -57.1% |
Summary: The 55406 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 9.4%, 3 bedroom homes increased by 2.6%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 57.1%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 37 | 24 | -35.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55406, you could pay more than the asking price. 41.7% of homes here sold above asking price last month.
Summary: A total of 24 homes were sold or pending in 55406 in November 2024, down by 35.1% month-over-month. Of the 24 sold homes, 33% were sold under asking, 25% were sold at asking, and 42% were sold over asking.
Days on Market for 55406, MN
How long does it take to sell a home in 55406, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 17 Days | 27 Days | +57.6% |
Summary: Homes in 55406 had an average of 27 days on market in Nov 2024, up by 57.6% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 55406 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 24 homes were sold in 55406; 63% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
