$3,443 Closing Credit*
$289,900
1,367 SqFt
3 Beds
•1 Full Bath, 1 Partial
Blythe Thill, Listing Office: Coldwell Banker Realty - Duluth
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
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
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $210K | N/A |
| 2 Bedrooms | $256K | $750K | +193.0% |
| 3 Bedrooms | $344.5K | $274.9K | -20.2% |
| 4 Bedrooms | $655K | - | N/A |
| 5+ Bedrooms | - | - | 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 | $175K | $225K | +28.6% |
| 55614 | $150K | $161.9K | +8.0% |
| 55616 | $385K | $350K | -9.1% |
Housing Supply in 55616, MN
How many homes are available in 55616, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 35 | 39 | +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
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 5 | +66.7% |
| 2 Bedrooms | 12 | 14 | +16.7% |
| 3 Bedrooms | 16 | 16 | 0.0% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 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 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4 | 9 | +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
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 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 30 Days | 13 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
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.
