$2,375 Closing Credit*
$200,000
1,754 SqFt
3 Beds
•2 Full Baths
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 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
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $129.9K | $190K | +46.3% |
| 2 Bedrooms | $218.5K | $220K | +0.7% |
| 3 Bedrooms | $265K | $292.4K | +10.4% |
| 4 Bedrooms | $361.9K | $352.3K | -2.7% |
| 5+ Bedrooms | $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%.
Housing Supply in 56401, MN
How many homes are available in 56401, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 170 | 176 | +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
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 41 | 38 | -7.3% |
| 3 Bedrooms | 59 | 67 | +13.6% |
| 4 Bedrooms | 56 | 52 | -7.1% |
| 5+ Bedrooms | 12 | 17 | +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 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 39 | 34 | -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
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 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 33 Days | 33 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
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.
