Is 55420, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55420 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55420 has remained a Seller's Market.

Key Takeaway

55420 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55420, MN

How much do homes in 55420, MN cost?

Median Sold Price

$348,750

$193/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$18,750(+5.7%)

Key Takeaway

Homes in 55420 have sold for 5.7% more than they did a year ago.

Summary: The median home sold price in 55420 was $348,750 in October 2024, up 5.7% from last year, and the median price per square foot was $193.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $202.5K$129K
-36.3%
2 $255K$258K
+1.2%
3 $339.1K$334.9K
-1.2%
4 $365K$371K
+1.6%
5+ $378.2K$416.5K
+10.1%

Summary: 55420 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 36.3%, 2 bedroom homes increased by 1.2%, 3 bedroom homes decreased by 1.2%, 4 bedroom homes increased by 1.6%, and 5+ bedroom homes increased by 10.1%.

Median Sold Price Compared To Nearby Zip Codes

55420
+5.7%
55423
+4.5%
55337
+2.4%
55431
+2.0%
55425
-2.0%

Housing Supply in 55420, MN

How many homes are available in 55420, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6268+9.7%

Summary: The 55420 real estate market had 68 homes for sale in October 2024, a 9.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 23
+50.0%
2 1212
0.0%
3 2523
-8.0%
4 1724
+41.2%
5+ 66
0.0%

Summary: The 55420 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 8%, 4 bedroom homes increased by 41.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1617+6.3%

Asking Price vs. Sold Price

8 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 55420, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.

Summary: A total of 17 homes were sold or pending in 55420 in October 2024, up by 6.3% month-over-month. Of the 17 sold homes, 47% were sold under asking, 18% were sold at asking, and 35% were sold over asking.

Days on Market for 55420, MN

How long does it take to sell a home in 55420, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
22 Days24 Days+8.4%

Summary: Homes in 55420 had an average of 24 days on market in Oct 2024, up by 8.4% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55420 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 17 homes were sold in 55420; 76% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 6% 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 55420, MN

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