Is 55416, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55416 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55416 has remained a Seller's Market.

Key Takeaway

55416 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55416, MN

How much do homes in 55416, MN cost?

Median Sold Price

$428,187

$245/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$3,220(+0.8%)

Key Takeaway

Homes in 55416 have sold for 0.8% more than they did a year ago.

Summary: The median home sold price in 55416 was $428,187 in October 2024, up 0.8% from last year, and the median price per square foot was $245.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $185K$180K
-2.7%
2 $313.5K$309K
-1.4%
3 $445K$457.5K
+2.8%
4 $700K$699K
-0.1%
5+ $659K$875K
+32.8%

Summary: 55416 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.7%, 2 bedroom homes decreased by 1.4%, 3 bedroom homes increased by 2.8%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 32.8%.

Median Sold Price Compared To Nearby Zip Codes

55408
+6.9%
55405
+1.9%
55426
+1.7%
55416
+0.8%
55410
-0.4%

Housing Supply in 55416, MN

How many homes are available in 55416, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
190200+5.3%

Summary: The 55416 real estate market had 200 homes for sale in October 2024, a 5.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 3033
+10.0%
2 5052
+4.0%
3 5357
+7.5%
4 4443
-2.3%
5+ 1315
+15.4%

Summary: The 55416 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 7.5%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes increased by 15.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4437-15.9%

Asking Price vs. Sold Price

21 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55416, you may be able to get a good deal. 56.8% of homes here sold below asking price last month.

Summary: A total of 37 homes were sold or pending in 55416 in October 2024, down by 15.9% month-over-month. Of the 37 sold homes, 57% were sold under asking, 27% were sold at asking, and 16% were sold over asking.

Days on Market for 55416, MN

How long does it take to sell a home in 55416, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
33 Days42 Days+25.8%

Summary: Homes in 55416 had an average of 42 days on market in Oct 2024, up by 25.8% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55416 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 37 homes were sold in 55416; 51% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 14% 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 4 Days Ago

Newest Listings in 55416, MN

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