Is 56181, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56181 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 56181 has remained a Seller's Market.

Key Takeaway

56181 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56181, MN

How much do homes in 56181, MN cost?

Median Sold Price

$173,500

$110/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$58,500(+50.9%)

Key Takeaway

Homes in 56181 have sold for 50.9% more than they did a year ago.

Summary: The median home sold price in 56181 was $173,500 in October 2024, up 50.9% from last year, and the median price per square foot was $110.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $62K$115K
+85.5%
3 $222.5K$155.5K
-30.1%
4 $242.5K$237.7K
-2.0%
5+ $65K$177K
+172.3%

Summary: 56181 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 85.5%, 3 bedroom homes decreased by 30.1%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes increased by 172.3%.

Median Sold Price Compared To Nearby Zip Codes

56181
+50.9%
56031
+5.9%
56176
-16.8%

Housing Supply in 56181, MN

How many homes are available in 56181, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
65-16.7%

Summary: The 56181 real estate market had 5 homes for sale in October 2024, a 16.7% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 00
0.0%
3 32
-33.3%
4 33
0.0%
5+ 00
0.0%

Summary: The 56181 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 remained the same, 3 bedroom homes decreased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
21-50.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56181, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 1 homes were sold or pending in 56181 in October 2024, down by 50.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for 56181, MN

How long does it take to sell a home in 56181, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
78 Days101 Days+28.7%

Summary: Homes in 56181 had an average of 101 days on market in Oct 2024, up by 28.7% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in 56181 are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During October 2024, 1 homes were sold in 56181; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% 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 5 Days Ago

Newest Listings in 56181, MN

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