$4,501 Closing Credit*
$379,000
1,586 SqFt
3 Beds
•1 Full Bath
Listing Office: Edina Realty, Inc.
Is 56401, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 56401 has remained a Seller's Market.
Key Takeaway
56401 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56401, MN
How much do homes in 56401, MN cost?
Median Sold Price
$305,000
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$22,000(+7.8%)
Key Takeaway
Homes in 56401 have sold for 7.8% more than they did a year ago.
Summary: The median home sold price in 56401 was $305,000 in November 2024, up 7.8% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $123.9K | $259.9K | +109.7% |
| 2 Bedrooms | $226.4K | $215.9K | -4.7% |
| 3 Bedrooms | $265K | $305.5K | +15.3% |
| 4 Bedrooms | $368.7K | $359.8K | -2.4% |
| 5+ Bedrooms | $515K | $549.9K | +6.8% |
Summary: 56401 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 109.7%, 2 bedroom homes decreased by 4.7%, 3 bedroom homes increased by 15.3%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes increased by 6.8%.
Housing Supply in 56401, MN
How many homes are available in 56401, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 155 | 150 | -3.2% |
Summary: The 56401 real estate market had 150 homes for sale in November 2024, a 3.2% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 34 | 35 | +2.9% |
| 3 Bedrooms | 60 | 55 | -8.3% |
| 4 Bedrooms | 47 | 47 | 0.0% |
| 5+ Bedrooms | 13 | 11 | -15.4% |
Summary: The 56401 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 2.9%, 3 bedroom homes decreased by 8.3%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 15.4%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 35 | 30 | -14.3% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56401, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.
Summary: A total of 30 homes were sold or pending in 56401 in November 2024, down by 14.3% month-over-month. Of the 30 sold homes, 53% were sold under asking, 23% were sold at asking, and 23% were sold over asking.
Days on Market for 56401, MN
How long does it take to sell a home in 56401, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 45 Days | 42 Days | -7.2% |
Summary: Homes in 56401 had an average of 42 days on market in Nov 2024, down by 7.2% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56401 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 30 homes were sold in 56401; 60% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
