Is 56515, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56515 is a neutral's market

Buyer's
Market

Difference Since Last Month

Last month, 56515 was a Buyer's Market.

Key Takeaway

56515 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 56515, MN

How much do homes in 56515, MN cost?

Median Sold Price

$230,000

$294/sqft

Based on all homes sold in October 2024.

Difference Since Last Month

-$67,500(-22.7%)

Key Takeaway

Homes in 56515 have sold for 22.7% less than they did a month ago.

Summary: The median home sold price in 56515 was $230,000 in October 2024, down 22.7% from last month, and the median price per square foot was $294.

Median Sold Price By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 -$162K
N/A
2 $297.5K$230K
-22.7%
3 -$149K
N/A
4 -$830K
N/A
5+ -$1.0M
N/A

Summary: 56515 housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 22.7%, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Zip Codes

56515
-22.7%
56576
-62.8%

Housing Supply in 56515, MN

How many homes are available in 56515, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2230+36.4%

Summary: The 56515 real estate market had 30 homes for sale in October 2024, a 36.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 87
-12.5%
3 411
+175.0%
4 46
+50.0%
5+ 55
0.0%

Summary: The 56515 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 12.5%, 3 bedroom homes increased by 175%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
25+150.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56515, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in 56515 in October 2024, up by 150.0% month-over-month. Of the 5 sold homes, 40% were sold under asking, 20% were sold at asking, and 40% were sold over asking.

Days on Market for 56515, MN

How long does it take to sell a home in 56515, MN?

Average Sale Time

Sep 2024Oct 2024CHANGE
11 Days43 Days+294.5%

Summary: Homes in 56515 had an average of 43 days on market in Oct 2024, up by 294.5% compared to last month.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56515 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 5 homes were sold in 56515; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% 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 56515, MN

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