$3,669 Closing Credit*
$309,000
1,951 SqFt
2 Beds
•1 Full Bath, 1 Partial
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 October 2023
At the same time last year, 56071 was a Seller's Market.
Key Takeaway
56071 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 56071, MN
How much do homes in 56071, MN cost?
Median Sold Price
$376,500
$176/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$11,500(+3.2%)
Key Takeaway
Homes in 56071 have sold for 3.2% more than they did a year ago.
Summary: The median home sold price in 56071 was $376,500 in October 2024, up 3.2% from last year, and the median price per square foot was $176.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $247K | - | N/A |
| 2 Bedrooms | $242.5K | $279.9K | +15.4% |
| 3 Bedrooms | $300K | $352.5K | +17.5% |
| 4 Bedrooms | $410K | $355K | -13.4% |
| 5+ Bedrooms | $480K | $497.5K | +3.6% |
Summary: 56071 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 15.4%, 3 bedroom homes increased by 17.5%, 4 bedroom homes decreased by 13.4%, and 5+ bedroom homes increased by 3.6%.
Housing Supply in 56071, MN
How many homes are available in 56071, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 37 | 48 | +29.7% |
Summary: The 56071 real estate market had 48 homes for sale in October 2024, a 29.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 7 | +40.0% |
| 3 Bedrooms | 11 | 10 | -9.1% |
| 4 Bedrooms | 17 | 23 | +35.3% |
| 5+ Bedrooms | 4 | 8 | +100.0% |
Summary: The 56071 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 increased by 40%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes increased by 35.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 10 | 8 | -20.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56071, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in 56071 in October 2024, down by 20.0% month-over-month. Of the 8 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 28 Days | 47 Days | +68.4% |
Summary: Homes in 56071 had an average of 47 days on market in Oct 2024, up by 68.4% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 56071 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 8 homes were sold in 56071; 63% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
