Is 55409, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55409 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55409 has remained a Seller's Market.

Key Takeaway

55409 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55409, MN

How much do homes in 55409, MN cost?

Median Sold Price

$340,000

$240/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$5,000(+1.5%)

Key Takeaway

Homes in 55409 have sold for 1.5% more than they did a year ago.

Summary: The median home sold price in 55409 was $340,000 in October 2024, up 1.5% from last year, and the median price per square foot was $240.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $162.5K$167K
+2.8%
2 $235.2K$240K
+2.0%
3 $350.8K$340K
-3.1%
4 $500K$408.5K
-18.3%
5+ $614K$535K
-12.9%

Summary: 55409 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.8%, 2 bedroom homes increased by 2%, 3 bedroom homes decreased by 3.1%, 4 bedroom homes decreased by 18.3%, and 5+ bedroom homes decreased by 12.9%.

Median Sold Price Compared To Nearby Zip Codes

55408
+6.9%
55419
+6.7%
55407
+4.3%
55409
+1.5%

Housing Supply in 55409, MN

How many homes are available in 55409, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3938-2.6%

Summary: The 55409 real estate market had 38 homes for sale in October 2024, a 2.6% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 24
+100.0%
2 43
-25.0%
3 1915
-21.1%
4 811
+37.5%
5+ 65
-16.7%

Summary: The 55409 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 25%, 3 bedroom homes decreased by 21.1%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1011+10.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55409, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.

Summary: A total of 11 homes were sold or pending in 55409 in October 2024, up by 10.0% month-over-month. Of the 11 sold homes, 18% were sold under asking, 27% were sold at asking, and 55% were sold over asking.

Days on Market for 55409, MN

How long does it take to sell a home in 55409, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
28 Days21 Days-25.5%

Summary: Homes in 55409 had an average of 21 days on market in Oct 2024, down by 25.5% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55409 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 11 homes were sold in 55409; 73% of homes were sold within 30 days, 27% 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 55409, MN

Nearby Markets to 55409, MN