$10,000 Closing Credit*
$850,000
2,985 SqFt
4 Beds
•2 Full Baths, 1 Partial
Listing Office: Timber Ghost Realty, LLC
Is 56431, 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, 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
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $157K | $207.5K | +32.2% |
| 2 Bedrooms | $250K | $260K | +4.0% |
| 3 Bedrooms | $337.7K | $297.4K | -11.9% |
| 4 Bedrooms | $420K | $306K | -27.1% |
| 5+ Bedrooms | $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 | $204.5K | $224.7K | +9.9% |
| 56447 | $340K | $363.7K | +7.0% |
| 56431 | $299K | $287.5K | -3.8% |
| 56469 | $320K | $219K | -31.6% |
Housing Supply in 56431, MN
How many homes are available in 56431, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 71 | 67 | -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
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 32 | 25 | -21.9% |
| 3 Bedrooms | 21 | 25 | +19.0% |
| 4 Bedrooms | 12 | 12 | 0.0% |
| 5+ Bedrooms | 4 | 4 | 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 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 14 | 16 | +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
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 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 17 Days | 66 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
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.
