Is 56304, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56304 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 56304 has remained a Seller's Market.

Key Takeaway

56304 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56304, MN

How much do homes in 56304, MN cost?

Median Sold Price

$292,337

$139/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$35,337(+13.8%)

Key Takeaway

Homes in 56304 have sold for 13.8% more than they did a year ago.

Summary: The median home sold price in 56304 was $292,337 in October 2024, up 13.8% from last year, and the median price per square foot was $139.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $405K$112K
-72.3%
2 $163K$190K
+16.6%
3 $237K$233.3K
-1.5%
4 $272.5K$322.5K
+18.3%
5+ $349.9K$368.4K
+5.3%

Summary: 56304 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 72.3%, 2 bedroom homes increased by 16.6%, 3 bedroom homes decreased by 1.5%, 4 bedroom homes increased by 18.3%, and 5+ bedroom homes increased by 5.3%.

Median Sold Price Compared To Nearby Zip Codes

56329
+27.2%
56304
+13.8%
55319
+11.4%
56301
+2.2%
56379
+1.8%

Housing Supply in 56304, MN

How many homes are available in 56304, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6470+9.4%

Summary: The 56304 real estate market had 70 homes for sale in October 2024, a 9.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 64
-33.3%
3 2428
+16.7%
4 1619
+18.8%
5+ 1718
+5.9%

Summary: The 56304 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 decreased by 33.3%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes increased by 5.9%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
816+100.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56304, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 16 homes were sold or pending in 56304 in October 2024, up by 100.0% month-over-month. Of the 16 sold homes, 50% were sold under asking, 38% were sold at asking, and 13% were sold over asking.

Days on Market for 56304, MN

How long does it take to sell a home in 56304, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
27 Days61 Days+125.0%

Summary: Homes in 56304 had an average of 61 days on market in Oct 2024, up by 125% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 56304 has remained consistent over time.

Summary: During October 2024, 16 homes were sold in 56304; 25% of homes were sold within 30 days, 56% of homes were sold within 30 to 90 days, and 19% 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 4 Days Ago

Newest Listings in 56304, MN

Nearby Markets to 56304, MN