$1,763 Closing Credit*
$148,500
974 SqFt
1 Bed
•1 Full Bath
Listing Office: Cummings Janzen Realty, Inc
Is 56431, 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, 56431 has remained a Seller's Market.
Key Takeaway
56431 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56431, MN
How much do homes in 56431, MN cost?
Median Sold Price
$299,950
$200/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$10,000(+3.4%)
Key Takeaway
Homes in 56431 have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in 56431 was $299,950 in November 2024, up 3.4% from last year, and the median price per square foot was $200.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $119K | $207.5K | +74.4% |
| 2 Bedrooms | $250K | $260K | +4.0% |
| 3 Bedrooms | $337.5K | $320.8K | -4.9% |
| 4 Bedrooms | $415K | $371K | -10.6% |
| 5+ Bedrooms | $470K | $504.3K | +7.3% |
Summary: 56431 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 74.4%, 2 bedroom homes increased by 4%, 3 bedroom homes decreased by 4.9%, 4 bedroom homes decreased by 10.6%, and 5+ bedroom homes increased by 7.3%.
Median Sold Price Compared To Nearby Zip Codes
| 56447 | $343.5K | $363.7K | +5.9% |
| 56441 | $220K | $229K | +4.1% |
| 56431 | $289.9K | $299.9K | +3.4% |
| 56469 | $320K | $222K | -30.6% |
Housing Supply in 56431, MN
How many homes are available in 56431, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 58 | 53 | -8.6% |
Summary: The 56431 real estate market had 53 homes for sale in November 2024, a 8.6% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 22 | 19 | -13.6% |
| 3 Bedrooms | 23 | 23 | 0.0% |
| 4 Bedrooms | 9 | 9 | 0.0% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The 56431 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 13.6%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 16 | 10 | -37.5% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56431, 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 56431 in November 2024, down by 37.5% month-over-month. Of the 10 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for 56431, MN
How long does it take to sell a home in 56431, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 49 Days | 29 Days | -41.1% |
Summary: Homes in 56431 had an average of 29 days on market in Nov 2024, down by 41.1% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56431 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 10 homes were sold in 56431; 70% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
