$1,495,000
Land
Listing Office: Keller Williams Premier Realty Lake Minnetonka
Is 55408, 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, 55408 has remained a Seller's Market.
Key Takeaway
55408 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55408, MN
How much do homes in 55408, MN cost?
Median Sold Price
$305,500
$218/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$23,000(+8.1%)
Key Takeaway
Homes in 55408 have sold for 8.1% more than they did a year ago.
Summary: The median home sold price in 55408 was $305,500 in November 2024, up 8.1% from last year, and the median price per square foot was $218.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $148K | +13.8% |
| 2 Bedrooms | $239.9K | $214.2K | -10.7% |
| 3 Bedrooms | $362.5K | $400K | +10.3% |
| 4 Bedrooms | $510.5K | $487.2K | -4.6% |
| 5+ Bedrooms | $687K | $665K | -3.2% |
Summary: 55408 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.8%, 2 bedroom homes decreased by 10.7%, 3 bedroom homes increased by 10.3%, 4 bedroom homes decreased by 4.6%, and 5+ bedroom homes decreased by 3.2%.
Housing Supply in 55408, MN
How many homes are available in 55408, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 95 | 89 | -6.3% |
Summary: The 55408 real estate market had 89 homes for sale in November 2024, a 6.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 23 | 25 | +8.7% |
| 2 Bedrooms | 27 | 28 | +3.7% |
| 3 Bedrooms | 23 | 17 | -26.1% |
| 4 Bedrooms | 14 | 12 | -14.3% |
| 5+ Bedrooms | 8 | 7 | -12.5% |
Summary: The 55408 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.7%, 2 bedroom homes increased by 3.7%, 3 bedroom homes decreased by 26.1%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 21 | 15 | -28.6% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55408, you may be able to get a good deal. 73.3% of homes here sold below asking price last month.
Summary: A total of 15 homes were sold or pending in 55408 in November 2024, down by 28.6% month-over-month. Of the 15 sold homes, 73% were sold under asking, 13% were sold at asking, and 13% were sold over asking.
Days on Market for 55408, MN
How long does it take to sell a home in 55408, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 31 Days | 45 Days | +44.4% |
Summary: Homes in 55408 had an average of 45 days on market in Nov 2024, up by 44.4% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 55408 has remained consistent over time.
Summary: During November 2024, 15 homes were sold in 55408; 40% of homes were sold within 30 days, 53% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
