Is 55731, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 55731 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 55731 has remained a Seller's Market.

Key Takeaway

55731 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 55731, MN

How much do homes in 55731, MN cost?

Median Sold Price

$266,000

$222/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$71,000(-21.1%)

Key Takeaway

Homes in 55731 have sold for 21.1% less than they did a year ago.

Summary: The median home sold price in 55731 was $266,000 in October 2024, down 21.1% from last year, and the median price per square foot was $222.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $295K$298.5K
+1.2%
2 $442K$320K
-27.6%
3 $590K$235K
-60.2%
4 $193.5K$605K
+212.7%
5+ $160K-
N/A

Summary: 55731 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.2%, 2 bedroom homes decreased by 27.6%, 3 bedroom homes decreased by 60.2%, 4 bedroom homes increased by 212.7%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Zip Codes

55706
+11.3%
55731
-21.1%

Housing Supply in 55731, MN

How many homes are available in 55731, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7572-4.0%

Summary: The 55731 real estate market had 72 homes for sale in October 2024, a 4.0% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 108
-20.0%
2 2323
0.0%
3 3028
-6.7%
4 910
+11.1%
5+ 33
0.0%

Summary: The 55731 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 6.7%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
922+144.4%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 55731, you may be able to get a good deal. 80% of homes here sold below asking price last month.

Summary: A total of 22 homes were sold or pending in 55731 in October 2024, up by 144.4% month-over-month. Of the 20 sold homes, 80% were sold under asking, 5% were sold at asking, and 15% were sold over asking.

Days on Market for 55731, MN

How long does it take to sell a home in 55731, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
116 Days93 Days-19.7%

Summary: Homes in 55731 had an average of 93 days on market in Oct 2024, down by 19.7% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

7 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 55731 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 22 homes were sold in 55731; 36% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 32% 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 55731, MN

Nearby Markets to 55731, MN