$2,880 Closing Credit*
$242,500
1,800 SqFt
3 Beds
•1 Full Bath
Listing Office: Simply Homes Realty
Is 56560, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $94.9K | $115K | +21.2% |
| 2 Bedrooms | $199.9K | $199.9K | 0.0% |
| 3 Bedrooms | $240K | $247.1K | +3.0% |
| 4 Bedrooms | $295K | $305K | +3.4% |
| 5+ Bedrooms | $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%.
Housing Supply in 56560, MN
How many homes are available in 56560, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 452 | 484 | +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
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 8 | +33.3% |
| 2 Bedrooms | 64 | 74 | +15.6% |
| 3 Bedrooms | 162 | 180 | +11.1% |
| 4 Bedrooms | 159 | 168 | +5.7% |
| 5+ Bedrooms | 61 | 54 | -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 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 77 | 97 | +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
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 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 123 Days | 36 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
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.
