$4,507 Closing Credit*
$379,500
1,872 SqFt
4 Beds
•1 Full Bath
Listing Office: HomeSmart Adventure Realty
Is 56501, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, 56501 was a Seller's Market.
Key Takeaway
56501 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56501, MN
How much do homes in 56501, MN cost?
Median Sold Price
$360,500
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$39,700(+12.4%)
Key Takeaway
Homes in 56501 have sold for 12.4% more than they did a year ago.
Summary: The median home sold price in 56501 was $360,500 in November 2024, up 12.4% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $269K | $220.2K | -18.1% |
| 2 Bedrooms | $205K | $232K | +13.2% |
| 3 Bedrooms | $359.9K | $365K | +1.4% |
| 4 Bedrooms | $350K | $361K | +3.1% |
| 5+ Bedrooms | $505K | $597.1K | +18.2% |
Summary: 56501 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.1%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 1.4%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 18.2%.
Median Sold Price Compared To Nearby Zip Codes
| 56501 | $320.8K | $360.5K | +12.4% |
| 56544 | $299.2K | $325.5K | +8.8% |
Housing Supply in 56501, MN
How many homes are available in 56501, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 133 | 112 | -15.8% |
Summary: The 56501 real estate market had 112 homes for sale in November 2024, a 15.8% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 19 | 18 | -5.3% |
| 3 Bedrooms | 47 | 43 | -8.5% |
| 4 Bedrooms | 48 | 35 | -27.1% |
| 5+ Bedrooms | 16 | 13 | -18.8% |
Summary: The 56501 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 5.3%, 3 bedroom homes decreased by 8.5%, 4 bedroom homes decreased by 27.1%, and 5+ bedroom homes decreased by 18.8%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 31 | 14 | -54.8% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56501, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in 56501 in November 2024, down by 54.8% month-over-month. Of the 14 sold homes, 71% were sold under asking, 21% were sold at asking, and 7% were sold over asking.
Days on Market for 56501, MN
How long does it take to sell a home in 56501, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 54 Days | 57 Days | +7.0% |
Summary: Homes in 56501 had an average of 57 days on market in Nov 2024, up by 7% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 56501 has remained consistent over time.
Summary: During November 2024, 14 homes were sold in 56501; 29% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
