Is 56093, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56093 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 56093 has remained a Seller's Market.

Key Takeaway

56093 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56093, MN

How much do homes in 56093, MN cost?

Median Sold Price

$234,500

$139/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$4,750(-2.0%)

Key Takeaway

Homes in 56093 have sold for 2% less than they did a year ago.

Summary: The median home sold price in 56093 was $234,500 in October 2024, down 2% from last year, and the median price per square foot was $139.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $87K$131.3K
+50.9%
2 $166.7K$174.9K
+4.9%
3 $237.5K$234.7K
-1.2%
4 $274.9K$275K
0.0%
5+ $310K$334.2K
+7.8%

Summary: 56093 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 50.9%, 2 bedroom homes increased by 4.9%, 3 bedroom homes decreased by 1.2%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 7.8%.

Median Sold Price Compared To Nearby Zip Codes

56096
+19.8%
56048
+1.5%
56093
-2.0%
56072
-20.3%

Housing Supply in 56093, MN

How many homes are available in 56093, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5159+15.7%

Summary: The 56093 real estate market had 59 homes for sale in October 2024, a 15.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 21
-50.0%
2 1111
0.0%
3 2329
+26.1%
4 1012
+20.0%
5+ 56
+20.0%

Summary: The 56093 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes remained the same, 3 bedroom homes increased by 26.1%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
810+25.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56093, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 10 homes were sold or pending in 56093 in October 2024, up by 25.0% month-over-month. Of the 10 sold homes, 50% were sold under asking, 30% were sold at asking, and 20% were sold over asking.

Days on Market for 56093, MN

How long does it take to sell a home in 56093, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
27 Days42 Days+52.3%

Summary: Homes in 56093 had an average of 42 days on market in Oct 2024, up by 52.3% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56093 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 10 homes were sold in 56093; 70% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 10% 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 56093, MN

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