Is 56377, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56377 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 56377 was a Seller's Market.

Key Takeaway

56377 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 56377, MN

How much do homes in 56377, MN cost?

Median Sold Price

$327,000

$160/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$12,900(-3.8%)

Key Takeaway

Homes in 56377 have sold for 3.8% less than they did a year ago.

Summary: The median home sold price in 56377 was $327,000 in October 2024, down 3.8% from last year, and the median price per square foot was $160.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $128K-
N/A
2 $262.5K$267.5K
+1.9%
3 $285K$284.5K
-0.2%
4 $349.9K$345K
-1.4%
5+ $483.4K$432.4K
-10.5%

Summary: 56377 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 1.9%, 3 bedroom homes decreased by 0.2%, 4 bedroom homes decreased by 1.4%, and 5+ bedroom homes decreased by 10.5%.

Median Sold Price Compared To Nearby Zip Codes

56367
+12.1%
56379
+1.8%
56303
+1.6%
56377
-3.8%

Housing Supply in 56377, MN

How many homes are available in 56377, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
90900.0%

Summary: The 56377 real estate market had 90 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 99
0.0%
3 2426
+8.3%
4 4138
-7.3%
5+ 1617
+6.3%

Summary: The 56377 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 remained the same, 3 bedroom homes increased by 8.3%, 4 bedroom homes decreased by 7.3%, and 5+ bedroom homes increased by 6.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2114-33.3%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56377, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in 56377 in October 2024, down by 33.3% month-over-month. Of the 14 sold homes, 43% were sold under asking, 29% were sold at asking, and 29% were sold over asking.

Days on Market for 56377, MN

How long does it take to sell a home in 56377, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
49 Days52 Days+7.3%

Summary: Homes in 56377 had an average of 52 days on market in Oct 2024, up by 7.3% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56377 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 14 homes were sold in 56377; 50% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 14% 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 56377, MN

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