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 4 Days Ago

Newest Listings in 55731, MN

Nearby Markets to 55731, MN