Listing Office: Whitetail Properties Real
Is 56514, 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, 56514 has remained a Buyer's Market.
Key Takeaway
56514 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56514, MN
How much do homes in 56514, MN cost?
Median Sold Price
$241,500
$130/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$16,500(-6.4%)
Key Takeaway
Homes in 56514 have sold for 6.4% less than they did a year ago.
Summary: The median home sold price in 56514 was $241,500 in November 2024, down 6.4% from last year, and the median price per square foot was $130.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $86.5K | N/A |
| 2 Bedrooms | $172K | $175K | +1.7% |
| 3 Bedrooms | $223.5K | $225K | +0.7% |
| 4 Bedrooms | $322.4K | $287K | -11.0% |
| 5+ Bedrooms | $310K | $660K | +112.9% |
Summary: 56514 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 increased by 1.7%, 3 bedroom homes increased by 0.7%, 4 bedroom homes decreased by 11%, and 5+ bedroom homes increased by 112.9%.
Housing Supply in 56514, MN
How many homes are available in 56514, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 45 | 39 | -13.3% |
Summary: The 56514 real estate market had 39 homes for sale in November 2024, a 13.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 0 | -100.0% |
| 2 Bedrooms | 2 | 4 | +100.0% |
| 3 Bedrooms | 22 | 17 | -22.7% |
| 4 Bedrooms | 13 | 14 | +7.7% |
| 5+ Bedrooms | 6 | 4 | -33.3% |
Summary: The 56514 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 100%, 3 bedroom homes decreased by 22.7%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 8 | 4 | -50.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56514, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in 56514 in November 2024, down by 50.0% month-over-month. Of the 4 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for 56514, MN
How long does it take to sell a home in 56514, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 69 Days | 17 Days | -74.3% |
Summary: Homes in 56514 had an average of 17 days on market in Nov 2024, down by 74.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56514 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 4 homes were sold in 56514; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
