Is 55422, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55422 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55422 has remained a Seller's Market.

Key Takeaway

55422 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55422, MN

How much do homes in 55422, MN cost?

Median Sold Price

$325,000

$192/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$3,866(-1.2%)

Key Takeaway

Homes in 55422 have sold for 1.2% less than they did a year ago.

Summary: The median home sold price in 55422 was $325,000 in October 2024, down 1.2% from last year, and the median price per square foot was $192.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $215K$67K
-68.8%
2 $249.9K$250K
0.0%
3 $320K$320.9K
0.3%
4 $400K$366K
-8.5%
5+ $617.5K$535K
-13.4%

Summary: 55422 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 68.8%, 2 bedroom homes did not change, 3 bedroom homes increased by 0.3%, 4 bedroom homes decreased by 8.5%, and 5+ bedroom homes decreased by 13.4%.

Median Sold Price Compared To Nearby Zip Codes

55427
+5.3%
55411
+3.4%
55405
+1.9%
55422
-1.2%
55412
-3.1%

Housing Supply in 55422, MN

How many homes are available in 55422, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1201200.0%

Summary: The 55422 real estate market had 120 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 32
-33.3%
2 1915
-21.1%
3 5148
-5.9%
4 3944
+12.8%
5+ 811
+37.5%

Summary: The 55422 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 21.1%, 3 bedroom homes decreased by 5.9%, 4 bedroom homes increased by 12.8%, and 5+ bedroom homes increased by 37.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4032-20.0%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55422, you may be able to get a good deal. 46.9% of homes here sold below asking price last month.

Summary: A total of 32 homes were sold or pending in 55422 in October 2024, down by 20.0% month-over-month. Of the 32 sold homes, 47% were sold under asking, 19% were sold at asking, and 34% were sold over asking.

Days on Market for 55422, MN

How long does it take to sell a home in 55422, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
28 Days33 Days+18.9%

Summary: Homes in 55422 had an average of 33 days on market in Oct 2024, up by 18.9% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55422 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 32 homes were sold in 55422; 53% of homes were sold within 30 days, 41% 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 55422, MN

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