Is 56468, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56468 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 56468 has remained a Seller's Market.

Key Takeaway

56468 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56468, MN

How much do homes in 56468, MN cost?

Median Sold Price

$590,000

$312/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$25,000(-4.1%)

Key Takeaway

Homes in 56468 have sold for 4.1% less than they did a year ago.

Summary: The median home sold price in 56468 was $590,000 in October 2024, down 4.1% from last year, and the median price per square foot was $312.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $256.2K$390K
+52.2%
2 $380K$381.5K
0.4%
3 $498K$536K
+7.6%
4 $770K$733.9K
-4.7%
5+ $1.0M$1.4M
+31.7%

Summary: 56468 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 52.2%, 2 bedroom homes increased by 0.4%, 3 bedroom homes increased by 7.6%, 4 bedroom homes decreased by 4.7%, and 5+ bedroom homes increased by 31.7%.

Median Sold Price Compared To Nearby Zip Codes

56401
+6.3%
56468
-4.1%
56473
-4.9%
56465
-5.0%
56472
-9.6%

Housing Supply in 56468, MN

How many homes are available in 56468, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6354-14.3%

Summary: The 56468 real estate market had 54 homes for sale in October 2024, a 14.3% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 117
-36.4%
3 2320
-13.0%
4 1512
-20.0%
5+ 1415
+7.1%

Summary: The 56468 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 36.4%, 3 bedroom homes decreased by 13%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes increased by 7.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1615-6.3%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56468, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in 56468 in October 2024, down by 6.3% month-over-month. Of the 15 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.

Days on Market for 56468, MN

How long does it take to sell a home in 56468, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
44 Days28 Days-36.5%

Summary: Homes in 56468 had an average of 28 days on market in Oct 2024, down by 36.5% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56468 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 15 homes were sold in 56468; 73% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% 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 56468, MN

Nearby Markets to 56468, MN