$2,613 Closing Credit*
$220,000
1,600 SqFt
4 Beds
•1 Full Bath
Listing Office: RE/MAX Legacy Realty
Is 56514, 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, 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
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $86.5K | N/A |
| 2 Bedrooms | $172K | $175K | +1.7% |
| 3 Bedrooms | $223.5K | $225K | +0.7% |
| 4 Bedrooms | $322K | $287K | -10.9% |
| 5+ Bedrooms | $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%.
Housing Supply in 56514, MN
How many homes are available in 56514, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 48 | 46 | -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
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 4 | 2 | -50.0% |
| 3 Bedrooms | 22 | 23 | +4.5% |
| 4 Bedrooms | 14 | 13 | -7.1% |
| 5+ Bedrooms | 6 | 6 | 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 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 12 | 7 | -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
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
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.
