Is 55427, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55427 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55427 has remained a Seller's Market.

Key Takeaway

55427 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55427, MN

How much do homes in 55427, MN cost?

Median Sold Price

$362,700

$186/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$18,366(+5.3%)

Key Takeaway

Homes in 55427 have sold for 5.3% more than they did a year ago.

Summary: The median home sold price in 55427 was $362,700 in October 2024, up 5.3% from last year, and the median price per square foot was $186.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $115K$122K
+6.1%
2 $255K$257K
+0.8%
3 $335K$350K
+4.5%
4 $387.5K$395K
+1.9%
5+ $415K$471.2K
+13.6%

Summary: 55427 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.1%, 2 bedroom homes increased by 0.8%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes increased by 13.6%.

Median Sold Price Compared To Nearby Zip Codes

55427
+5.3%
55426
+1.7%
55416
+0.8%
55441
0.0%
55422
-1.2%

Housing Supply in 55427, MN

How many homes are available in 55427, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
8189+9.9%

Summary: The 55427 real estate market had 89 homes for sale in October 2024, a 9.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 33
0.0%
2 914
+55.6%
3 3837
-2.6%
4 2529
+16.0%
5+ 66
0.0%

Summary: The 55427 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 55.6%, 3 bedroom homes decreased by 2.6%, 4 bedroom homes increased by 16%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
24240.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55427, you could pay more than the asking price. 37.5% of homes here sold above asking price last month.

Summary: A total of 24 homes were sold or pending in 55427 in October 2024, the same as the previous month. Of the 24 sold homes, 33% were sold under asking, 29% were sold at asking, and 38% were sold over asking.

Days on Market for 55427, MN

How long does it take to sell a home in 55427, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
28 Days27 Days-3.5%

Summary: Homes in 55427 had an average of 27 days on market in Oct 2024, down by 3.5% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55427 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 24 homes were sold in 55427; 79% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 8% 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 55427, MN

Nearby Markets to 55427, MN