$3,622 Closing Credit*
$305,000
1,910 SqFt
3 Beds
•2 Full Baths, 1 Partial
Alex Chapek, Listing Office: Odyssey Real Estate Group
Is 55616, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, 55616 has remained a Seller's Market.
Key Takeaway
55616 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55616, MN
How much do homes in 55616, MN cost?
Median Sold Price
$245,000
$206/sqft
Based on all homes sold in November 2024.
Difference Since Last Month
-$105,000(-30.0%)
Key Takeaway
Homes in 55616 have sold for 30% less than they did a month ago.
Summary: The median home sold price in 55616 was $245,000 in November 2024, down 30% from last month, and the median price per square foot was $206.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $210K | $200K | -4.8% |
| 2 Bedrooms | $750K | $400K | -46.7% |
| 3 Bedrooms | $274.9K | $241K | -12.3% |
| 4 Bedrooms | - | $260K | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: 55616 housing prices by bedroom type for November 2024 compared to the previous month: The home price of 1 bedroom homes decreased by 4.8%, 2 bedroom homes decreased by 46.7%, 3 bedroom homes decreased by 12.3%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Zip Codes
| 55614 | $161.9K | $260K | +60.5% |
| 55616 | $350K | $245K | -30.0% |
Housing Supply in 55616, MN
How many homes are available in 55616, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 35 | 41 | +17.1% |
Summary: The 55616 real estate market had 41 homes for sale in November 2024, a 17.1% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 13 | 12 | -7.7% |
| 3 Bedrooms | 15 | 13 | -13.3% |
| 4 Bedrooms | 2 | 11 | +450.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 55616 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 7.7%, 3 bedroom homes decreased by 13.3%, 4 bedroom homes increased by 450%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 9 | 9 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 55616, you could pay more than the asking price. 62.5% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in 55616 in November 2024, the same as the previous month. Of the 8 sold homes, 25% were sold under asking, 13% were sold at asking, and 63% were sold over asking.
Days on Market for 55616, MN
How long does it take to sell a home in 55616, MN?
Average Sale Time
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 13 Days | 17 Days | +27.1% |
Summary: Homes in 55616 had an average of 17 days on market in Nov 2024, up by 27.1% compared to last month.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55616 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 9 homes were sold in 55616; 67% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
