Is 55616, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55616 is a seller's market

Buyer's
Market

Difference Since Last Month

Last month, 55616 was a Buyer'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

$350,000

$260/sqft

Based on all homes sold in October 2024.

Difference Since Last Month

-$35,000(-9.1%)

Key Takeaway

Homes in 55616 have sold for 9.1% less than they did a month ago.

Summary: The median home sold price in 55616 was $350,000 in October 2024, down 9.1% from last month, and the median price per square foot was $260.

Median Sold Price By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 -$210K
N/A
2 $256K$750K
+193.0%
3 $344.5K$274.9K
-20.2%
4 $655K-
N/A
5+ --
N/A

Summary: 55616 housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 193%, 3 bedroom homes decreased by 20.2%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Zip Codes

55602
+28.6%
55614
+8.0%
55616
-9.1%

Housing Supply in 55616, MN

How many homes are available in 55616, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3539+11.4%

Summary: The 55616 real estate market had 39 homes for sale in October 2024, a 11.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 35
+66.7%
2 1214
+16.7%
3 1616
0.0%
4 44
0.0%
5+ 00
0.0%

Summary: The 55616 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes increased by 16.7%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
49+125.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55616, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in 55616 in October 2024, up by 125.0% month-over-month. Of the 9 sold homes, 56% were sold under asking, 22% were sold at asking, and 22% 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

Sep 2024Oct 2024CHANGE
30 Days13 Days-55.6%

Summary: Homes in 55616 had an average of 13 days on market in Oct 2024, down by 55.6% compared to last month.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55616 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 9 homes were sold in 55616; 89% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 0% 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 21 Days Ago

Newest Listings in 55616, MN

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