$50,000
Land
Listing Office: Edina Realty, Inc. - Duluth
Is 55797, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 55797 has remained a Seller's Market.
Key Takeaway
55797 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 55797, MN
How much do homes in 55797, MN cost?
Median Sold Price
$294,950
$172/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$5,050(-1.7%)
Key Takeaway
Homes in 55797 have sold for 1.7% less than they did a year ago.
Summary: The median home sold price in 55797 was $294,950 in November 2024, down 1.7% from last year, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | $231K | $289.9K | +25.5% |
| 4 Bedrooms | $405K | $300K | -25.9% |
| 5+ Bedrooms | - | - | N/A |
Summary: 55797 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 25.5%, 4 bedroom homes decreased by 25.9%, and 5+ bedroom homes did not change.
Housing Supply in 55797, MN
How many homes are available in 55797, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 7 | 6 | -14.3% |
Summary: The 55797 real estate market had 6 homes for sale in November 2024, a 14.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 4 | 5 | +25.0% |
| 4 Bedrooms | 1 | 0 | -100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 55797 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 50%, 3 bedroom homes increased by 25%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 55797, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 2 homes were sold or pending in 55797 in November 2024, up by 100.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for 55797, MN
How long does it take to sell a home in 55797, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 7 Days | 5 Days | -21.4% |
Summary: Homes in 55797 had an average of 5 days on market in Nov 2024, down by 21.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 55797 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 2 homes were sold in 55797; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
