Is 56265, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56265 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 56265 has remained a Seller's Market.

Key Takeaway

56265 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56265, MN

How much do homes in 56265, MN cost?

Median Sold Price

$167,000

$105/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$2,500(-1.5%)

Key Takeaway

Homes in 56265 have sold for 1.5% less than they did a year ago.

Summary: The median home sold price in 56265 was $167,000 in October 2024, down 1.5% from last year, and the median price per square foot was $105.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$61K
N/A
2 $122K$134.9K
+10.6%
3 $185.2K$170K
-8.3%
4 $194K$215K
+10.8%
5+ $438.7K$355K
-19.1%

Summary: 56265 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 10.6%, 3 bedroom homes decreased by 8.3%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes decreased by 19.1%.

Median Sold Price Compared To Nearby Zip Codes

56241
+14.5%
56265
-1.5%

Housing Supply in 56265, MN

How many homes are available in 56265, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3849+28.9%

Summary: The 56265 real estate market had 49 homes for sale in October 2024, a 28.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 47
+75.0%
3 2025
+25.0%
4 1114
+27.3%
5+ 22
0.0%

Summary: The 56265 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 75%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 27.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
69+50.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56265, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in 56265 in October 2024, up by 50.0% month-over-month. Of the 9 sold homes, 56% were sold under asking, 11% were sold at asking, and 33% were sold over asking.

Days on Market for 56265, MN

How long does it take to sell a home in 56265, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
50 Days89 Days+77.1%

Summary: Homes in 56265 had an average of 89 days on market in Oct 2024, up by 77.1% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in 56265 are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During October 2024, 9 homes were sold in 56265; 33% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 56% 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 13 Days Ago

Newest Listings in 56265, MN

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