Is 56514, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56514 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 56514 was a Buyer's Market.

Key Takeaway

56514 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in 56514, MN

How much do homes in 56514, MN cost?

Median Sold Price

$240,000

$130/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$18,950(-7.3%)

Key Takeaway

Homes in 56514 have sold for 7.3% less than they did a year ago.

Summary: The median home sold price in 56514 was $240,000 in October 2024, down 7.3% from last year, and the median price per square foot was $130.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$86.5K
N/A
2 $172K$175K
+1.7%
3 $223.5K$225K
+0.7%
4 $322K$287K
-10.9%
5+ $310K$660K
+112.9%

Summary: 56514 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 increased by 1.7%, 3 bedroom homes increased by 0.7%, 4 bedroom homes decreased by 10.9%, and 5+ bedroom homes increased by 112.9%.

Median Sold Price Compared To Nearby Zip Codes

56580
+30.9%
56572
+8.0%
56549
+6.6%
56514
-7.3%

Housing Supply in 56514, MN

How many homes are available in 56514, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4846-4.2%

Summary: The 56514 real estate market had 46 homes for sale in October 2024, a 4.2% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 22
0.0%
2 42
-50.0%
3 2223
+4.5%
4 1413
-7.1%
5+ 66
0.0%

Summary: The 56514 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 decreased by 50%, 3 bedroom homes increased by 4.5%, 4 bedroom homes decreased by 7.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
127-41.7%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56514, expect to pay close to the asking price. 42.9% of homes here sold near the asking price last month.

Summary: A total of 7 homes were sold or pending in 56514 in October 2024, down by 41.7% month-over-month. Of the 7 sold homes, 29% were sold under asking, 43% were sold at asking, and 29% were sold over asking.

Days on Market for 56514, MN

How long does it take to sell a home in 56514, MN?

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 56514 has remained consistent over time.

Summary: During October 2024, 7 homes were sold in 56514; 14% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 21 Days Ago

Newest Listings in 56514, MN

Nearby Markets to 56514, MN