$1,959 Closing Credit*
$165,000
1,400 SqFt
5 Beds
•2 Full Baths
Listing Office: Edina Realty
Is 56201, 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, 56201 has remained a Seller's Market.
Key Takeaway
56201 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56201, MN
How much do homes in 56201, MN cost?
Median Sold Price
$234,950
$137/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$19,950(+9.3%)
Key Takeaway
Homes in 56201 have sold for 9.3% more than they did a year ago.
Summary: The median home sold price in 56201 was $234,950 in October 2024, up 9.3% from last year, and the median price per square foot was $137.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $102K | $81.9K | -19.7% |
| 2 Bedrooms | $150K | $200K | +33.3% |
| 3 Bedrooms | $205K | $203.6K | -0.7% |
| 4 Bedrooms | $261K | $280.6K | +7.5% |
| 5+ Bedrooms | $280K | $400K | +42.9% |
Summary: 56201 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 19.7%, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 0.7%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes increased by 42.9%.
Median Sold Price Compared To Nearby Zip Codes
| 56288 | $401.7K | $464K | +15.5% |
| 56253 | $250K | $280K | +12.0% |
| 56201 | $215K | $234.9K | +9.3% |
Housing Supply in 56201, MN
How many homes are available in 56201, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 83 | 90 | +8.4% |
Summary: The 56201 real estate market had 90 homes for sale in October 2024, a 8.4% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 13 | 13 | 0.0% |
| 3 Bedrooms | 33 | 33 | 0.0% |
| 4 Bedrooms | 22 | 28 | +27.3% |
| 5+ Bedrooms | 14 | 16 | +14.3% |
Summary: The 56201 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 27.3%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 22 | 16 | -27.3% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56201, you may be able to get a good deal. 68.8% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in 56201 in October 2024, down by 27.3% month-over-month. Of the 16 sold homes, 69% were sold under asking, 6% were sold at asking, and 25% were sold over asking.
Days on Market for 56201, MN
How long does it take to sell a home in 56201, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 31 Days | 28 Days | -8.9% |
Summary: Homes in 56201 had an average of 28 days on market in Oct 2024, down by 8.9% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 56201 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 16 homes were sold in 56201; 81% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
