Is 56401, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56401 is a seller's market

Buyer's
Market

Difference Since October 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

$297,616

$172/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$17,590(+6.3%)

Key Takeaway

Homes in 56401 have sold for 6.3% more than they did a year ago.

Summary: The median home sold price in 56401 was $297,616 in October 2024, up 6.3% from last year, and the median price per square foot was $172.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $129.9K$190K
+46.3%
2 $218.5K$220K
+0.7%
3 $265K$292.4K
+10.4%
4 $361.9K$352.3K
-2.7%
5+ $515K$524.9K
+1.9%

Summary: 56401 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 46.3%, 2 bedroom homes increased by 0.7%, 3 bedroom homes increased by 10.4%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes increased by 1.9%.

Median Sold Price Compared To Nearby Zip Codes

56449
+12.1%
56401
+6.3%
56425
+1.2%
56468
-4.1%

Housing Supply in 56401, MN

How many homes are available in 56401, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
170176+3.5%

Summary: The 56401 real estate market had 176 homes for sale in October 2024, a 3.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 22
0.0%
2 4138
-7.3%
3 5967
+13.6%
4 5652
-7.1%
5+ 1217
+41.7%

Summary: The 56401 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 7.3%, 3 bedroom homes increased by 13.6%, 4 bedroom homes decreased by 7.1%, and 5+ bedroom homes increased by 41.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3934-12.8%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56401, you could pay more than the asking price. 41.2% of homes here sold above asking price last month.

Summary: A total of 34 homes were sold or pending in 56401 in October 2024, down by 12.8% month-over-month. Of the 34 sold homes, 32% were sold under asking, 26% were sold at asking, and 41% 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

Oct 2023Oct 2024CHANGE
33 Days33 Days-1.8%

Summary: Homes in 56401 had an average of 33 days on market in Oct 2024, down by 1.8% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56401 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 34 homes were sold in 56401; 68% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 12% 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 56401, MN

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