Is 56110, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56110 is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, 56110 has remained a Seller's Market.

Key Takeaway

56110 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56110, MN

How much do homes in 56110, MN cost?

Median Sold Price

$238,000

$129/sqft

Based on all homes sold in October 2024.

Difference Since Last Month

+$73,000(+44.2%)

Key Takeaway

Homes in 56110 have sold for 44.2% more than they did a month ago.

Summary: The median home sold price in 56110 was $238,000 in October 2024, up 44.2% from last month, and the median price per square foot was $129.

Median Sold Price By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 --
N/A
2 $165K$157K
-4.8%
3 -$319K
N/A
4 --
N/A
5+ --
N/A

Summary: 56110 housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 4.8%, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Housing Supply in 56110, MN

How many homes are available in 56110, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
58+60.0%

Summary: The 56110 real estate market had 8 homes for sale in October 2024, a 60.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 21
-50.0%
3 12
+100.0%
4 24
+100.0%
5+ 01
+100.0%

Summary: The 56110 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 decreased by 50%, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
12+100.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56110, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.

Summary: A total of 2 homes were sold or pending in 56110 in October 2024, up by 100.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% were sold over asking.

Days on Market for 56110, MN

How long does it take to sell a home in 56110, MN?

Average Sale Time

Sep 2024Oct 2024CHANGE
25 Days39 Days+58.0%

Summary: Homes in 56110 had an average of 39 days on market in Oct 2024, up by 58% compared to last month.

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

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56110 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 2 homes were sold in 56110; 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.

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 56110, MN

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