Is 56315, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56315 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 56315 was a Seller's Market.

Key Takeaway

56315 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 56315, MN

How much do homes in 56315, MN cost?

Median Sold Price

$187,450

$128/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$207,550(-52.5%)

Key Takeaway

Homes in 56315 have sold for 52.5% less than they did a year ago.

Summary: The median home sold price in 56315 was $187,450 in October 2024, down 52.5% from last year, and the median price per square foot was $128.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $187.5K$149K
-20.5%
3 $493.7K$390K
-21.0%
4 $405K$177.5K
-56.2%
5+ $619.9K$407.4K
-34.3%

Summary: 56315 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 decreased by 20.5%, 3 bedroom homes decreased by 21%, 4 bedroom homes decreased by 56.2%, and 5+ bedroom homes decreased by 34.3%.

Median Sold Price Compared To Nearby Zip Codes

56332
-2.4%
56315
-52.5%

Housing Supply in 56315, MN

How many homes are available in 56315, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
12120.0%

Summary: The 56315 real estate market had 12 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 21
-50.0%
3 67
+16.7%
4 22
0.0%
5+ 22
0.0%

Summary: The 56315 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 50%, 3 bedroom homes increased by 16.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
220.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56315, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in 56315 in October 2024, the same as the previous month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.

Days on Market for 56315, MN

How long does it take to sell a home in 56315, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
45 Days25 Days-44.2%

Summary: Homes in 56315 had an average of 25 days on market in Oct 2024, down by 44.2% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56315 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 2 homes were sold in 56315; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% 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 56315, MN

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