$5,047 Closing Credit*
$425,000
2,356 SqFt
5 Beds
•1 Full Bath, 1 Partial
Listing Office: Edina Realty
Is 56362, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, 56362 was a Neutral Market.
Key Takeaway
56362 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56362, MN
How much do homes in 56362, MN cost?
Median Sold Price
$264,900
$161/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$15,100(-5.4%)
Key Takeaway
Homes in 56362 have sold for 5.4% less than they did a year ago.
Summary: The median home sold price in 56362 was $264,900 in October 2024, down 5.4% from last year, and the median price per square foot was $161.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $275K | $205K | -25.5% |
| 3 Bedrooms | $270K | $265K | -1.9% |
| 4 Bedrooms | $337.5K | $275K | -18.5% |
| 5+ Bedrooms | $299.5K | $452.5K | +51.1% |
Summary: 56362 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 25.5%, 3 bedroom homes decreased by 1.9%, 4 bedroom homes decreased by 18.5%, and 5+ bedroom homes increased by 51.1%.
Median Sold Price Compared To Nearby Zip Codes
| 56368 | $322.4K | $342K | +6.1% |
| 55329 | $260K | $246.2K | -5.3% |
| 56362 | $280K | $264.9K | -5.4% |
Housing Supply in 56362, MN
How many homes are available in 56362, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 33 | 36 | +9.1% |
Summary: The 56362 real estate market had 36 homes for sale in October 2024, a 9.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 5 | -16.7% |
| 3 Bedrooms | 17 | 20 | +17.6% |
| 4 Bedrooms | 7 | 6 | -14.3% |
| 5+ Bedrooms | 3 | 5 | +66.7% |
Summary: The 56362 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 16.7%, 3 bedroom homes increased by 17.6%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 10 | +66.7% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56362, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in 56362 in October 2024, up by 66.7% month-over-month. Of the 10 sold homes, 60% were sold under asking, 10% were sold at asking, and 30% were sold over asking.
Days on Market for 56362, MN
How long does it take to sell a home in 56362, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 48 Days | 40 Days | -17.1% |
Summary: Homes in 56362 had an average of 40 days on market in Oct 2024, down by 17.1% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56362 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 10 homes were sold in 56362; 50% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
