Is 56560, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56560 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 56560 has remained a Seller's Market.

Key Takeaway

56560 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56560, MN

How much do homes in 56560, MN cost?

Median Sold Price

$264,218

$134/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$7,218(+2.8%)

Key Takeaway

Homes in 56560 have sold for 2.8% more than they did a year ago.

Summary: The median home sold price in 56560 was $264,218 in October 2024, up 2.8% from last year, and the median price per square foot was $134.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $94.9K$115K
+21.2%
2 $199.9K$199.9K
0.0%
3 $240K$247.1K
+3.0%
4 $295K$305K
+3.4%
5+ $330K$415K
+25.8%

Summary: 56560 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.2%, 2 bedroom homes did not change, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 25.8%.

Median Sold Price Compared To Nearby Zip Codes

56529
+13.9%
58102
+6.6%
58103
+4.3%
56560
+2.8%

Housing Supply in 56560, MN

How many homes are available in 56560, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
452484+7.1%

Summary: The 56560 real estate market had 484 homes for sale in October 2024, a 7.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 68
+33.3%
2 6474
+15.6%
3 162180
+11.1%
4 159168
+5.7%
5+ 6154
-11.5%

Summary: The 56560 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 15.6%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes decreased by 11.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
7797+26.0%

Asking Price vs. Sold Price

46 Homes Were Sold
Under Asking

31 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56560, you may be able to get a good deal. 47.4% of homes here sold below asking price last month.

Summary: A total of 97 homes were sold or pending in 56560 in October 2024, up by 26.0% month-over-month. Of the 97 sold homes, 47% were sold under asking, 32% were sold at asking, and 21% were sold over asking.

Days on Market for 56560, MN

How long does it take to sell a home in 56560, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
123 Days36 Days-69.9%

Summary: Homes in 56560 had an average of 36 days on market in Oct 2024, down by 69.9% compared to last year.

Breakdown of Home Sale Times

27 Homes Were Sold
Under 30 Days

18 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56560 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 97 homes were sold in 56560; 28% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 4% 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 23 Days Ago

Newest Listings in 56560, MN

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