$2,849 Closing Credit*
$239,900
1,736 SqFt
2 Beds
•1 Full Bath
Listing Office: eXp Realty
Is 56571, 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, 56571 has remained a Seller's Market.
Key Takeaway
56571 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 56571, MN
How much do homes in 56571, MN cost?
Median Sold Price
$379,000
$209/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$80,750(+27.1%)
Key Takeaway
Homes in 56571 have sold for 27.1% more than they did a year ago.
Summary: The median home sold price in 56571 was $379,000 in October 2024, up 27.1% from last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $75.5K | $205.9K | +172.8% |
| 2 Bedrooms | $240K | $359.9K | +50.0% |
| 3 Bedrooms | $299.9K | $365K | +21.7% |
| 4 Bedrooms | $677K | $540K | -20.2% |
| 5+ Bedrooms | $575K | $627K | +9.0% |
Summary: 56571 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 172.8%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 21.7%, 4 bedroom homes decreased by 20.2%, and 5+ bedroom homes increased by 9%.
Median Sold Price Compared To Nearby Zip Codes
| 56571 | $298.2K | $379K | +27.1% |
| 56573 | $320K | $347.4K | +8.6% |
| 56551 | $350K | $195K | -44.3% |
Housing Supply in 56571, MN
How many homes are available in 56571, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 36 | 34 | -5.6% |
Summary: The 56571 real estate market had 34 homes for sale in October 2024, a 5.6% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 6 | 0.0% |
| 2 Bedrooms | 13 | 13 | 0.0% |
| 3 Bedrooms | 13 | 10 | -23.1% |
| 4 Bedrooms | 4 | 5 | +25.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 56571 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 decreased by 23.1%, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 8 | +166.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56571, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 8 homes were sold or pending in 56571 in October 2024, up by 166.7% month-over-month. Of the 8 sold homes, 38% were sold under asking, 50% were sold at asking, and 13% were sold over asking.
Days on Market for 56571, MN
How long does it take to sell a home in 56571, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 33 Days | 89 Days | +167.9% |
Summary: Homes in 56571 had an average of 89 days on market in Oct 2024, up by 167.9% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 56571 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During October 2024, 8 homes were sold in 56571; 38% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
