Is 56544, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56544 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 56544 has remained a Seller's Market.

Key Takeaway

56544 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56544, MN

How much do homes in 56544, MN cost?

Median Sold Price

$341,950

$193/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$57,950(+20.4%)

Key Takeaway

Homes in 56544 have sold for 20.4% more than they did a year ago.

Summary: The median home sold price in 56544 was $341,950 in October 2024, up 20.4% from last year, and the median price per square foot was $193.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $132.5K$102.5K
-22.6%
2 $205K$302.7K
+47.7%
3 $280K$315K
+12.5%
4 $327K$547K
+67.3%
5+ $483K$1.5M
+231.1%

Summary: 56544 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.6%, 2 bedroom homes increased by 47.7%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 67.3%, and 5+ bedroom homes increased by 231.1%.

Median Sold Price Compared To Nearby Zip Codes

56544
+20.4%
56573
+8.6%
56501
+8.0%
56587
-29.3%

Housing Supply in 56544, MN

How many homes are available in 56544, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1922+15.8%

Summary: The 56544 real estate market had 22 homes for sale in October 2024, a 15.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 10
-100.0%
2 33
0.0%
3 68
+33.3%
4 57
+40.0%
5+ 44
0.0%

Summary: The 56544 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 40%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
14+300.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56544, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in 56544 in October 2024, up by 300.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.

Days on Market for 56544, MN

How long does it take to sell a home in 56544, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
69 Days45 Days-34.3%

Summary: Homes in 56544 had an average of 45 days on market in Oct 2024, down by 34.3% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56544 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 4 homes were sold in 56544; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% 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 4 Days Ago

Newest Listings in 56544, MN

Nearby Markets to 56544, MN