$435,000
Land
Listing Office: Lakes Family Real Estate/Otter Tail Real Estate
Is 56551, 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, 56551 was a Seller's Market.
Key Takeaway
56551 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56551, MN
How much do homes in 56551, MN cost?
Median Sold Price
$195,000
$126/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$155,000(-44.3%)
Key Takeaway
Homes in 56551 have sold for 44.3% less than they did a year ago.
Summary: The median home sold price in 56551 was $195,000 in October 2024, down 44.3% from last year, and the median price per square foot was $126.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $103.7K | - | N/A |
| 2 Bedrooms | $288K | $158.7K | -44.9% |
| 3 Bedrooms | $419K | $142.5K | -66.0% |
| 4 Bedrooms | $98.6K | $305K | +209.3% |
| 5+ Bedrooms | - | $408.9K | N/A |
Summary: 56551 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 decreased by 44.9%, 3 bedroom homes decreased by 66%, 4 bedroom homes increased by 209.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Zip Codes
| 56571 | $298.2K | $379K | +27.1% |
| 56524 | $387.5K | $395K | +1.9% |
| 56551 | $350K | $195K | -44.3% |
Housing Supply in 56551, MN
How many homes are available in 56551, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 21 | 25 | +19.0% |
Summary: The 56551 real estate market had 25 homes for sale in October 2024, a 19.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 7 | 0.0% |
| 3 Bedrooms | 8 | 11 | +37.5% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 56551 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 remained the same, 3 bedroom homes increased by 37.5%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56551, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in 56551 in October 2024, the same as the previous month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for 56551, MN
How long does it take to sell a home in 56551, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 39 Days | 15 Days | -60.8% |
Summary: Homes in 56551 had an average of 15 days on market in Oct 2024, down by 60.8% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56551 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 2 homes were sold in 56551; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
