Is 56701, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56701 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 56701 has remained a Seller's Market.

Key Takeaway

56701 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56701, MN

How much do homes in 56701, MN cost?

Median Sold Price

$174,900

$113/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$4,900(+2.9%)

Key Takeaway

Homes in 56701 have sold for 2.9% more than they did a year ago.

Summary: The median home sold price in 56701 was $174,900 in October 2024, up 2.9% from last year, and the median price per square foot was $113.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$84.3K
N/A
2 $139.7K$149K
+6.6%
3 $170K$183.5K
+7.9%
4 $233.5K$230.3K
-1.4%
5+ $277.5K$285K
+2.7%

Summary: 56701 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 increased by 6.6%, 3 bedroom homes increased by 7.9%, 4 bedroom homes decreased by 1.4%, and 5+ bedroom homes increased by 2.7%.

Housing Supply in 56701, MN

How many homes are available in 56701, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6973+5.8%

Summary: The 56701 real estate market had 73 homes for sale in October 2024, a 5.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1719
+11.8%
3 2930
+3.4%
4 1718
+5.9%
5+ 66
0.0%

Summary: The 56701 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 increased by 11.8%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
614+133.3%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56701, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in 56701 in October 2024, up by 133.3% month-over-month. Of the 14 sold homes, 57% were sold under asking, 36% were sold at asking, and 7% were sold over asking.

Days on Market for 56701, MN

How long does it take to sell a home in 56701, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
36 Days37 Days+3.6%

Summary: Homes in 56701 had an average of 37 days on market in Oct 2024, up by 3.6% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56701 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 14 homes were sold in 56701; 57% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 22 Days Ago

Newest Listings in 56701, MN

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