$1,188 Closing Credit*
$100,000
2,040 SqFt
2 Beds
•2 Full Baths
Listing Office: RE/MAX Results
Is 56241, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, 56241 was a Neutral Market.
Key Takeaway
56241 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56241, MN
How much do homes in 56241, MN cost?
Median Sold Price
$177,000
$91/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$12,000(+7.3%)
Key Takeaway
Homes in 56241 have sold for 7.3% more than they did a year ago.
Summary: The median home sold price in 56241 was $177,000 in November 2024, up 7.3% from last year, and the median price per square foot was $91.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $145K | - | N/A |
| 2 Bedrooms | $83.1K | $104K | +25.1% |
| 3 Bedrooms | $172K | $178.5K | +3.8% |
| 4 Bedrooms | $206K | $175K | -15.0% |
| 5+ Bedrooms | $190K | $239.5K | +26.1% |
Summary: 56241 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 25.1%, 3 bedroom homes increased by 3.8%, 4 bedroom homes decreased by 15%, and 5+ bedroom homes increased by 26.1%.
Housing Supply in 56241, MN
How many homes are available in 56241, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 23 | 22 | -4.3% |
Summary: The 56241 real estate market had 22 homes for sale in November 2024, a 4.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 10 | 11 | +10.0% |
| 4 Bedrooms | 9 | 8 | -11.1% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 56241 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 10%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 2 | 4 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56241, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 4 homes were sold or pending in 56241 in November 2024, up by 100.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 50% were sold at asking, and 25% were sold over asking.
Days on Market for 56241, MN
How long does it take to sell a home in 56241, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 7 Days | 116 Days | +1564.3% |
Summary: Homes in 56241 had an average of 116 days on market in Nov 2024, up by 1564.3% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 56241 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2024, 4 homes were sold in 56241; 25% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
