$10,000 Closing Credit*
$872,500
3,162 SqFt
4 Beds
•1 Full Bath
Listing Office: Counselor Realty Detroit Lakes
Is 56511, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 56511 has remained a Seller's Market.
Key Takeaway
56511 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56511, MN
How much do homes in 56511, MN cost?
Median Sold Price
$465,000
$232/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$20,000(-4.1%)
Key Takeaway
Homes in 56511 have sold for 4.1% less than they did a year ago.
Summary: The median home sold price in 56511 was $465,000 in November 2024, down 4.1% from last year, and the median price per square foot was $232.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $599K | $397.5K | -33.6% |
| 3 Bedrooms | $475K | $336.2K | -29.2% |
| 4 Bedrooms | $550K | $800.5K | +45.5% |
| 5+ Bedrooms | $1.0M | $848.9K | -18.4% |
Summary: 56511 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 33.6%, 3 bedroom homes decreased by 29.2%, 4 bedroom homes increased by 45.5%, and 5+ bedroom homes decreased by 18.4%.
Housing Supply in 56511, MN
How many homes are available in 56511, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 12 | 11 | -8.3% |
Summary: The 56511 real estate market had 11 homes for sale in November 2024, a 8.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 8 | 7 | -12.5% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The 56511 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 remained the same, 3 bedroom homes decreased by 12.5%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56511, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in 56511 in November 2024, up by 100.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for 56511, MN
How long does it take to sell a home in 56511, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 26 Days | 90 Days | +248.1% |
Summary: Homes in 56511 had an average of 90 days on market in Nov 2024, up by 248.1% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 56511 has remained consistent over time.
Summary: During November 2024, 2 homes were sold in 56511; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
