Is 56479, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56479 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 56479 has remained a Seller's Market.

Key Takeaway

56479 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56479, MN

How much do homes in 56479, MN cost?

Median Sold Price

$196,000

$125/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$22,500(+13.0%)

Key Takeaway

Homes in 56479 have sold for 13% more than they did a year ago.

Summary: The median home sold price in 56479 was $196,000 in October 2024, up 13% from last year, and the median price per square foot was $125.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $89.5K$82K
-8.4%
2 $146K$163.4K
+12.0%
3 $189.9K$168.9K
-11.0%
4 $235K$250.5K
+6.6%
5+ $390K$235.5K
-39.6%

Summary: 56479 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.4%, 2 bedroom homes increased by 12%, 3 bedroom homes decreased by 11%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes decreased by 39.6%.

Median Sold Price Compared To Nearby Zip Codes

56466
+20.3%
56479
+13.0%

Housing Supply in 56479, MN

How many homes are available in 56479, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2223+4.5%

Summary: The 56479 real estate market had 23 homes for sale in October 2024, a 4.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 43
-25.0%
3 911
+22.2%
4 44
0.0%
5+ 44
0.0%

Summary: The 56479 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 25%, 3 bedroom homes increased by 22.2%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
57+40.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56479, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in 56479 in October 2024, up by 40.0% month-over-month. Of the 7 sold homes, 57% were sold under asking, 29% were sold at asking, and 14% were sold over asking.

Days on Market for 56479, MN

How long does it take to sell a home in 56479, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
12 Days46 Days+281.7%

Summary: Homes in 56479 had an average of 46 days on market in Oct 2024, up by 281.7% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56479 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 7 homes were sold in 56479; 43% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 14% 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 5 Days Ago

Newest Listings in 56479, MN

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