$2,077 Closing Credit*
$174,900
1,594 SqFt
4 Beds
•1 Full Bath
Listing Office: Five Star Realty Pros LLC
Is 56101, 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, 56101 has remained a Buyer's Market.
Key Takeaway
56101 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56101, MN
How much do homes in 56101, MN cost?
Median Sold Price
$144,500
$85/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$34,500(-19.3%)
Key Takeaway
Homes in 56101 have sold for 19.3% less than they did a year ago.
Summary: The median home sold price in 56101 was $144,500 in October 2024, down 19.3% from last year, and the median price per square foot was $85.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $96K | $74.7K | -22.1% |
| 2 Bedrooms | $149.5K | $117K | -21.7% |
| 3 Bedrooms | $164.5K | $139.5K | -15.2% |
| 4 Bedrooms | $240K | $185K | -22.9% |
| 5+ Bedrooms | $252K | $145.5K | -42.3% |
Summary: 56101 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.1%, 2 bedroom homes decreased by 21.7%, 3 bedroom homes decreased by 15.2%, 4 bedroom homes decreased by 22.9%, and 5+ bedroom homes decreased by 42.3%.
Median Sold Price Compared To Nearby Zip Codes
| 56159 | $193K | $162.4K | -15.9% |
| 56101 | $179K | $144.5K | -19.3% |
Housing Supply in 56101, MN
How many homes are available in 56101, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 47 | 49 | +4.3% |
Summary: The 56101 real estate market had 49 homes for sale in October 2024, a 4.3% 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 | 18 | 21 | +16.7% |
| 3 Bedrooms | 19 | 17 | -10.5% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The 56101 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 16.7%, 3 bedroom homes decreased by 10.5%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4 | 2 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56101, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in 56101 in October 2024, down by 50.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for 56101, MN
How long does it take to sell a home in 56101, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 63 Days | 52 Days | -17.0% |
Summary: Homes in 56101 had an average of 52 days on market in Oct 2024, down by 17% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56101 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 2 homes were sold in 56101; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
