$1,473 Closing Credit*
$124,000
1,358 SqFt
3 Beds
•1 Full Bath
Listing Office: homecoin.com
Is 56501, 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, 56501 has remained a Seller's Market.
Key Takeaway
56501 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56501, MN
How much do homes in 56501, MN cost?
Median Sold Price
$350,000
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$26,000(+8.0%)
Key Takeaway
Homes in 56501 have sold for 8% more than they did a year ago.
Summary: The median home sold price in 56501 was $350,000 in October 2024, up 8% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $269K | $192K | -28.6% |
| 2 Bedrooms | $205K | $225K | +9.8% |
| 3 Bedrooms | $359.9K | $325K | -9.7% |
| 4 Bedrooms | $361.1K | $361K | 0% |
| 5+ Bedrooms | $546.5K | $575K | +5.2% |
Summary: 56501 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 28.6%, 2 bedroom homes increased by 9.8%, 3 bedroom homes decreased by 9.7%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 5.2%.
Median Sold Price Compared To Nearby Zip Codes
| 56544 | $284K | $341.9K | +20.4% |
| 56501 | $324K | $350K | +8.0% |
Housing Supply in 56501, MN
How many homes are available in 56501, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 145 | 146 | +0.7% |
Summary: The 56501 real estate market had 146 homes for sale in October 2024, a 0.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 17 | 21 | +23.5% |
| 3 Bedrooms | 57 | 52 | -8.8% |
| 4 Bedrooms | 51 | 53 | +3.9% |
| 5+ Bedrooms | 18 | 17 | -5.6% |
Summary: The 56501 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 23.5%, 3 bedroom homes decreased by 8.8%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes decreased by 5.6%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 26 | 27 | +3.8% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56501, you may be able to get a good deal. 63% of homes here sold below asking price last month.
Summary: A total of 27 homes were sold or pending in 56501 in October 2024, up by 3.8% month-over-month. Of the 27 sold homes, 63% were sold under asking, 30% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 73 Days | 44 Days | -39.8% |
Summary: Homes in 56501 had an average of 44 days on market in Oct 2024, down by 39.8% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56501 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 27 homes were sold in 56501; 41% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
