$1,763 Closing Credit*
$148,500
1,350 SqFt
3 Beds
•2 Full Baths
Listing Office: Edina Realty, Inc.
Is 56587, 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, 56587 was a Seller's Market.
Key Takeaway
56587 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56587, MN
How much do homes in 56587, MN cost?
Median Sold Price
$290,000
$206/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$120,000(-29.3%)
Key Takeaway
Homes in 56587 have sold for 29.3% less than they did a year ago.
Summary: The median home sold price in 56587 was $290,000 in October 2024, down 29.3% from last year, and the median price per square foot was $206.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $380K | $238K | -37.4% |
| 3 Bedrooms | $389K | $416.9K | +7.2% |
| 4 Bedrooms | $811.5K | $510K | -37.2% |
| 5+ Bedrooms | $599K | $231K | -61.4% |
Summary: 56587 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 37.4%, 3 bedroom homes increased by 7.2%, 4 bedroom homes decreased by 37.2%, and 5+ bedroom homes decreased by 61.4%.
Housing Supply in 56587, MN
How many homes are available in 56587, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 18 | 19 | +5.6% |
Summary: The 56587 real estate market had 19 homes for sale in October 2024, a 5.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 6 | 5 | -16.7% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The 56587 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 16.7%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 2 | -66.7% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56587, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.
Summary: A total of 2 homes were sold or pending in 56587 in October 2024, down by 66.7% month-over-month. Of the 2 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% were sold over asking.
Days on Market for 56587, MN
How long does it take to sell a home in 56587, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 55 Days | 28 Days | -49.6% |
Summary: Homes in 56587 had an average of 28 days on market in Oct 2024, down by 49.6% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 56587 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 2 homes were sold in 56587; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
