$240,000
Land
Listing Office: Coldwell Banker Realty
Is 55407, 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, 55407 has remained a Seller's Market.
Key Takeaway
55407 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55407, MN
How much do homes in 55407, MN cost?
Median Sold Price
$315,000
$200/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$15,000(+5.0%)
Key Takeaway
Homes in 55407 have sold for 5% more than they did a year ago.
Summary: The median home sold price in 55407 was $315,000 in November 2024, up 5% from last year, and the median price per square foot was $200.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $125K | $108K | -13.6% |
| 2 Bedrooms | $239.9K | $265K | +10.4% |
| 3 Bedrooms | $310K | $336K | +8.4% |
| 4 Bedrooms | $355K | $375K | +5.6% |
| 5+ Bedrooms | $350K | $374.9K | +7.1% |
Summary: 55407 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.6%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 7.1%.
Housing Supply in 55407, MN
How many homes are available in 55407, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 89 | 88 | -1.1% |
Summary: The 55407 real estate market had 88 homes for sale in November 2024, a 1.1% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 14 | +27.3% |
| 2 Bedrooms | 21 | 24 | +14.3% |
| 3 Bedrooms | 36 | 26 | -27.8% |
| 4 Bedrooms | 16 | 17 | +6.3% |
| 5+ Bedrooms | 5 | 7 | +40.0% |
Summary: The 55407 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 27.3%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 27.8%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 25 | 23 | -8.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55407, you may be able to get a good deal. 34.8% of homes here sold below asking price last month.
Summary: A total of 23 homes were sold or pending in 55407 in November 2024, down by 8.0% month-over-month. Of the 23 sold homes, 35% were sold under asking, 30% were sold at asking, and 35% were sold over asking.
Days on Market for 55407, MN
How long does it take to sell a home in 55407, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 29 Days | 24 Days | -17.4% |
Summary: Homes in 55407 had an average of 24 days on market in Nov 2024, down by 17.4% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55407 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 23 homes were sold in 55407; 61% of homes were sold within 30 days, 39% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
