$2,895,000
3,464 SqFt
5 Beds
•2 Full Baths
Listing Office: Counselor Realty Detroit Lakes
Is 56572, 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, 56572 was a Seller's Market.
Key Takeaway
56572 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 56572, MN
How much do homes in 56572, MN cost?
Median Sold Price
$405,000
$212/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$30,000(+8.0%)
Key Takeaway
Homes in 56572 have sold for 8% more than they did a year ago.
Summary: The median home sold price in 56572 was $405,000 in October 2024, up 8% from last year, and the median price per square foot was $212.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $161.7K | $311K | +92.3% |
| 2 Bedrooms | $263K | $360K | +36.9% |
| 3 Bedrooms | $445.6K | $430K | -3.5% |
| 4 Bedrooms | $441.5K | $485K | +9.9% |
| 5+ Bedrooms | $601K | $256.9K | -57.3% |
Summary: 56572 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 92.3%, 2 bedroom homes increased by 36.9%, 3 bedroom homes decreased by 3.5%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes decreased by 57.3%.
Median Sold Price Compared To Nearby Zip Codes
| 56528 | $269.9K | $524.7K | +94.4% |
| 56572 | $375K | $405K | +8.0% |
| 56514 | $258.9K | $240K | -7.3% |
| 56587 | $410K | $290K | -29.3% |
Housing Supply in 56572, MN
How many homes are available in 56572, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 56 | 48 | -14.3% |
Summary: The 56572 real estate market had 48 homes for sale in October 2024, a 14.3% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 1 | -66.7% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 26 | 20 | -23.1% |
| 4 Bedrooms | 15 | 14 | -6.7% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The 56572 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 23.1%, 4 bedroom homes decreased by 6.7%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 11 | 8 | -27.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56572, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in 56572 in October 2024, down by 27.3% month-over-month. Of the 8 sold homes, 63% were sold under asking, 0% were sold at asking, and 38% were sold over asking.
Days on Market for 56572, MN
How long does it take to sell a home in 56572, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 80 Days | 106 Days | +32.0% |
Summary: Homes in 56572 had an average of 106 days on market in Oct 2024, up by 32% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56572 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 8 homes were sold in 56572; 38% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.
