$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 October 2023
At the same time last year, 56511 was a Seller's Market.
Key Takeaway
56511 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56511, MN
How much do homes in 56511, MN cost?
Median Sold Price
$466,000
$249/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$84,000(-15.3%)
Key Takeaway
Homes in 56511 have sold for 15.3% less than they did a year ago.
Summary: The median home sold price in 56511 was $466,000 in October 2024, down 15.3% from last year, and the median price per square foot was $249.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $575K | $397.5K | -30.9% |
| 3 Bedrooms | $485K | $347.5K | -28.4% |
| 4 Bedrooms | $550K | $800.5K | +45.5% |
| 5+ Bedrooms | $1.0M | $848.9K | -18.4% |
Summary: 56511 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 30.9%, 3 bedroom homes decreased by 28.4%, 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
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 16 | 12 | -25.0% |
Summary: The 56511 real estate market had 12 homes for sale in October 2024, a 25.0% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 10 | 8 | -20.0% |
| 4 Bedrooms | 2 | 0 | -100.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The 56511 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 remained the same, 3 bedroom homes decreased by 20%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 4 | 1 | -75.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56511, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.
Summary: A total of 1 homes were sold or pending in 56511 in October 2024, down by 75.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 96 Days | 1 Day | -99.0% |
Summary: Homes in 56511 had an average of 1 days on market in Oct 2024, down by 99% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56511 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 1 homes were sold in 56511; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
