$38,000
Land
Listing Office: HomeSmart Adventure Realty
Is 56573, 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, 56573 was a Seller's Market.
Key Takeaway
56573 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56573, MN
How much do homes in 56573, MN cost?
Median Sold Price
$347,450
$159/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$27,450(+8.6%)
Key Takeaway
Homes in 56573 have sold for 8.6% more than they did a year ago.
Summary: The median home sold price in 56573 was $347,450 in October 2024, up 8.6% from last year, and the median price per square foot was $159.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $232.5K | $69.5K | -70.1% |
| 2 Bedrooms | $289.9K | $240K | -17.2% |
| 3 Bedrooms | $280K | $339K | +21.1% |
| 4 Bedrooms | $347.5K | $440K | +26.6% |
| 5+ Bedrooms | $353.5K | $475K | +34.4% |
Summary: 56573 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 70.1%, 2 bedroom homes decreased by 17.2%, 3 bedroom homes increased by 21.1%, 4 bedroom homes increased by 26.6%, and 5+ bedroom homes increased by 34.4%.
Housing Supply in 56573, MN
How many homes are available in 56573, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 49 | 49 | 0.0% |
Summary: The 56573 real estate market had 49 homes for sale in October 2024, the same as September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 26 | 26 | 0.0% |
| 4 Bedrooms | 15 | 17 | +13.3% |
| 5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The 56573 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 decreased by 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 8 | 3 | -62.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 56573, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in 56573 in October 2024, down by 62.5% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for 56573, MN
How long does it take to sell a home in 56573, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 40 Days | 186 Days | +363.3% |
Summary: Homes in 56573 had an average of 186 days on market in Oct 2024, up by 363.3% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 56573 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During October 2024, 3 homes were sold in 56573; 0% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 67% of homes were sold over 90 days.
