$10,000 Closing Credit*
$999,900
1,896 SqFt
3 Beds
•2 Full Baths
Listing Office: Edina Realty
Is 56288, 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, 56288 was a Seller's Market.
Key Takeaway
56288 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 56288, MN
How much do homes in 56288, MN cost?
Median Sold Price
$456,500
$197/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$63,050(+16.0%)
Key Takeaway
Homes in 56288 have sold for 16% more than they did a year ago.
Summary: The median home sold price in 56288 was $456,500 in November 2024, up 16% from last year, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $799.9K | $485K | -39.4% |
| 2 Bedrooms | $247.5K | $352.5K | +42.4% |
| 3 Bedrooms | $324.5K | $400.9K | +23.6% |
| 4 Bedrooms | $475K | $538.5K | +13.4% |
| 5+ Bedrooms | $345K | $736K | +113.3% |
Summary: 56288 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 39.4%, 2 bedroom homes increased by 42.4%, 3 bedroom homes increased by 23.6%, 4 bedroom homes increased by 13.4%, and 5+ bedroom homes increased by 113.3%.
Median Sold Price Compared To Nearby Zip Codes
| 56288 | $393.4K | $456.5K | +16.0% |
| 56209 | $270K | $310K | +14.8% |
| 56273 | $322.5K | $326.4K | +1.2% |
Housing Supply in 56288, MN
How many homes are available in 56288, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 35 | 30 | -14.3% |
Summary: The 56288 real estate market had 30 homes for sale in November 2024, a 14.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 17 | 14 | -17.6% |
| 4 Bedrooms | 11 | 9 | -18.2% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The 56288 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 increased by 33.3%, 3 bedroom homes decreased by 17.6%, 4 bedroom homes decreased by 18.2%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 8 | 5 | -37.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56288, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in 56288 in November 2024, down by 37.5% month-over-month. Of the 5 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for 56288, MN
How long does it take to sell a home in 56288, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 32 Days | 28 Days | -12.2% |
Summary: Homes in 56288 had an average of 28 days on market in Nov 2024, down by 12.2% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 56288 has remained consistent over time.
Summary: During November 2024, 5 homes were sold in 56288; 40% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
