$1,200,000
Land
Listing Office: RE/MAX Advantage Plus
Is 56071, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since December 2023
Since last year, 56071 has remained a Seller's Market.
Key Takeaway
56071 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56071, MN
How much do homes in 56071, MN cost?
Median Sold Price
$390,000
$183/sqft
Based on all homes sold in the last 12 months.
Difference Since December 2023
+$25,000(+6.8%)
Key Takeaway
Homes in 56071 have sold for 6.8% more than they did a year ago.
Summary: The median home sold price in 56071 was $390,000 in December 2024, up 6.8% from last year, and the median price per square foot was $183.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $247K | - | N/A |
| 2 Bedrooms | $232.5K | $294.5K | +26.7% |
| 3 Bedrooms | $330K | $312.5K | -5.3% |
| 4 Bedrooms | $407.5K | $407.5K | 0.0% |
| 5+ Bedrooms | $480K | $472.5K | -1.6% |
Summary: 56071 housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 26.7%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 1.6%.
Housing Supply in 56071, MN
How many homes are available in 56071, MN?
Number of Homes For Sale
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 42 | 42 | 0.0% |
Summary: The 56071 real estate market had 42 homes for sale in December 2024, the same as November 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 5 | -28.6% |
| 3 Bedrooms | 6 | 8 | +33.3% |
| 4 Bedrooms | 21 | 21 | 0.0% |
| 5+ Bedrooms | 8 | 8 | 0.0% |
Summary: The 56071 housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 28.6%, 3 bedroom homes increased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 6 | 13 | +116.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56071, you could pay more than the asking price. 38.5% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in 56071 in December 2024, up by 116.7% month-over-month. Of the 13 sold homes, 31% were sold under asking, 31% were sold at asking, and 38% were sold over asking.
Days on Market for 56071, MN
How long does it take to sell a home in 56071, MN?
Average Sale Time
| Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|
| 20 Days | 44 Days | +123.5% |
Summary: Homes in 56071 had an average of 44 days on market in Dec 2024, up by 123.5% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56071 are selling fast, if you're buying plan to act quickly.
Summary: During December 2024, 13 homes were sold in 56071; 46% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
