$140,000
Land
Listing Office: RE/MAX TOTAL REALTY
Is 56031, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, 56031 has remained a Seller's Market.
Key Takeaway
56031 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56031, MN
How much do homes in 56031, MN cost?
Median Sold Price
$182,900
$107/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$10,150(+5.9%)
Key Takeaway
Homes in 56031 have sold for 5.9% more than they did a year ago.
Summary: The median home sold price in 56031 was $182,900 in October 2024, up 5.9% from last year, and the median price per square foot was $107.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $60.2K | $81.2K | +34.9% |
| 2 Bedrooms | $126.7K | $130K | +2.5% |
| 3 Bedrooms | $165K | $190K | +15.2% |
| 4 Bedrooms | $280K | $265K | -5.4% |
| 5+ Bedrooms | $156K | $257.4K | +65.0% |
Summary: 56031 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 34.9%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 15.2%, 4 bedroom homes decreased by 5.4%, and 5+ bedroom homes increased by 65%.
Median Sold Price Compared To Nearby Zip Codes
| 56181 | $115K | $173.5K | +50.9% |
| 56031 | $172.7K | $182.9K | +5.9% |
Housing Supply in 56031, MN
How many homes are available in 56031, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 60 | 56 | -6.7% |
Summary: The 56031 real estate market had 56 homes for sale in October 2024, a 6.7% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 14 | 14 | 0.0% |
| 3 Bedrooms | 31 | 29 | -6.5% |
| 4 Bedrooms | 12 | 10 | -16.7% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The 56031 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 6.5%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 16 | 14 | -12.5% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56031, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in 56031 in October 2024, down by 12.5% month-over-month. Of the 14 sold homes, 29% were sold under asking, 21% were sold at asking, and 50% were sold over asking.
Days on Market for 56031, MN
How long does it take to sell a home in 56031, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 34 Days | 60 Days | +77.2% |
Summary: Homes in 56031 had an average of 60 days on market in Oct 2024, up by 77.2% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56031 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 14 homes were sold in 56031; 64% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
