$4,691 Closing Credit*
$395,000
1,662 SqFt
Listing Office: Beycome Brokerage Realty LLC
Is 56187, 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, 56187 has remained a Seller's Market.
Key Takeaway
56187 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56187, MN
How much do homes in 56187, MN cost?
Median Sold Price
$256,250
$146/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$33,750(+15.2%)
Key Takeaway
Homes in 56187 have sold for 15.2% more than they did a year ago.
Summary: The median home sold price in 56187 was $256,250 in October 2024, up 15.2% from last year, and the median price per square foot was $146.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $112K | $134K | +19.6% |
| 2 Bedrooms | $159K | $174K | +9.4% |
| 3 Bedrooms | $235K | $252.5K | +7.4% |
| 4 Bedrooms | $290K | $314.5K | +8.4% |
| 5+ Bedrooms | $330K | $379.7K | +15.1% |
Summary: 56187 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.6%, 2 bedroom homes increased by 9.4%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 15.1%.
Housing Supply in 56187, MN
How many homes are available in 56187, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 58 | 61 | +5.2% |
Summary: The 56187 real estate market had 61 homes for sale in October 2024, a 5.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 12 | 13 | +8.3% |
| 3 Bedrooms | 25 | 26 | +4.0% |
| 4 Bedrooms | 16 | 16 | 0.0% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The 56187 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 8.3%, 3 bedroom homes increased by 4%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4 | 13 | +225.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56187, you may be able to get a good deal. 92.3% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in 56187 in October 2024, up by 225.0% month-over-month. Of the 13 sold homes, 92% were sold under asking, 8% were sold at asking, and 0% were sold over asking.
Days on Market for 56187, MN
How long does it take to sell a home in 56187, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 31 Days | 108 Days | +248.0% |
Summary: Homes in 56187 had an average of 108 days on market in Oct 2024, up by 248% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 56187 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During October 2024, 13 homes were sold in 56187; 23% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 46% of homes were sold over 90 days.
