$3,384 Closing Credit*
$285,000
2,377 SqFt
3 Beds
•1 Full Bath, 1 Partial
Listing Office: Home Branch Realty LLC
Is 56220, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, 56220 was a Seller's Market.
Key Takeaway
56220 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56220, MN
How much do homes in 56220, MN cost?
Median Sold Price
$172,250
$92/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$52,250(+43.5%)
Key Takeaway
Homes in 56220 have sold for 43.5% more than they did a year ago.
Summary: The median home sold price in 56220 was $172,250 in October 2024, up 43.5% from last year, and the median price per square foot was $92.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $69.2K | $110K | +58.8% |
| 3 Bedrooms | $120K | $240K | +100.0% |
| 4 Bedrooms | $120K | $172.2K | +43.5% |
| 5+ Bedrooms | $179K | $214K | +19.6% |
Summary: 56220 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 58.8%, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 43.5%, and 5+ bedroom homes increased by 19.6%.
Housing Supply in 56220, MN
How many homes are available in 56220, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 19 | 15 | -21.1% |
Summary: The 56220 real estate market had 15 homes for sale in October 2024, a 21.1% decrease 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 | 4 | 4 | 0.0% |
| 3 Bedrooms | 7 | 4 | -42.9% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The 56220 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 42.9%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4 | 1 | -75.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56220, 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 56220 in October 2024, down by 75.0% 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 56220, MN
How long does it take to sell a home in 56220, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 61 Days | 104 Days | +70.5% |
Summary: Homes in 56220 had an average of 104 days on market in Oct 2024, up by 70.5% 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
Key Takeaway
Most homes in 56220 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 56220; 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.
