$5,758 Closing Credit*
$484,900
3,980 SqFt
5 Beds
•3 Full Baths
Listing Office: Counselor Realty Detroit Lakes
Is 56501, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since December 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
$369,950
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since December 2023
+$48,950(+15.2%)
Key Takeaway
Homes in 56501 have sold for 15.2% more than they did a year ago.
Summary: The median home sold price in 56501 was $369,950 in December 2024, up 15.2% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $269K | $220.2K | -18.1% |
| 2 Bedrooms | $196.2K | $288.5K | +47.0% |
| 3 Bedrooms | $359.9K | $370K | +2.8% |
| 4 Bedrooms | $376K | $361K | -4.0% |
| 5+ Bedrooms | $505K | $680K | +34.7% |
Summary: 56501 housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.1%, 2 bedroom homes increased by 47%, 3 bedroom homes increased by 2.8%, 4 bedroom homes decreased by 4%, and 5+ bedroom homes increased by 34.7%.
Median Sold Price Compared To Nearby Zip Codes
| 56501 | $321K | $369.9K | +15.2% |
| 56544 | $296.7K | $315K | +6.1% |
| 56521 | $258K | $132K | -48.8% |
Housing Supply in 56501, MN
How many homes are available in 56501, MN?
Number of Homes For Sale
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 94 | 86 | -8.5% |
Summary: The 56501 real estate market had 86 homes for sale in December 2024, a 8.5% decrease compared to November 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 14 | 14 | 0.0% |
| 3 Bedrooms | 40 | 36 | -10.0% |
| 4 Bedrooms | 29 | 26 | -10.3% |
| 5+ Bedrooms | 8 | 7 | -12.5% |
Summary: The 56501 housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 10%, 4 bedroom homes decreased by 10.3%, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 16 | 11 | -31.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 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. 72.7% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in 56501 in December 2024, down by 31.3% month-over-month. Of the 11 sold homes, 73% were sold under asking, 18% were sold at asking, and 9% 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
| Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|
| 68 Days | 81 Days | +19.0% |
Summary: Homes in 56501 had an average of 81 days on market in Dec 2024, up by 19% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 56501 has remained consistent over time.
Summary: During December 2024, 11 homes were sold in 56501; 27% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 27% of homes were sold over 90 days.
