Is 56431, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56431 is a seller's market

Buyer's
Market

Difference Since October 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

$287,500

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$11,500(-3.8%)

Key Takeaway

Homes in 56431 have sold for 3.8% less than they did a year ago.

Summary: The median home sold price in 56431 was $287,500 in October 2024, down 3.8% from last year, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $157K$207.5K
+32.2%
2 $250K$260K
+4.0%
3 $337.7K$297.4K
-11.9%
4 $420K$306K
-27.1%
5+ $1.1M$504.3K
-55.2%

Summary: 56431 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 32.2%, 2 bedroom homes increased by 4%, 3 bedroom homes decreased by 11.9%, 4 bedroom homes decreased by 27.1%, and 5+ bedroom homes decreased by 55.2%.

Median Sold Price Compared To Nearby Zip Codes

56441
+9.9%
56447
+7.0%
56431
-3.8%
56469
-31.6%

Housing Supply in 56431, MN

How many homes are available in 56431, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7167-5.6%

Summary: The 56431 real estate market had 67 homes for sale in October 2024, a 5.6% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 21
-50.0%
2 3225
-21.9%
3 2125
+19.0%
4 1212
0.0%
5+ 44
0.0%

Summary: The 56431 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 21.9%, 3 bedroom homes increased by 19%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1416+14.3%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56431, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 16 homes were sold or pending in 56431 in October 2024, up by 14.3% month-over-month. Of the 16 sold homes, 75% were sold under asking, 13% were sold at asking, and 13% 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

Oct 2023Oct 2024CHANGE
17 Days66 Days+285.5%

Summary: Homes in 56431 had an average of 66 days on market in Oct 2024, up by 285.5% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 56431 has remained consistent over time.

Summary: During October 2024, 16 homes were sold in 56431; 31% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 31% 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 56431, MN

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