$414 Closing Credit*
$34,900
842 SqFt
2 Beds
•1 Full Bath, 1 Partial
Listing Office: Leland Realty
Is Albert Lea, 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, Albert Lea has remained a Seller's Market.
Key Takeaway
Albert Lea is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Albert Lea, MN
How much do homes in Albert Lea, MN cost?
Median Sold Price
$162,900
$112/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$266(+0.2%)
Key Takeaway
The sold price of homes in Albert Lea has remained the same since last year.
Summary: The median home sold price in Albert Lea was $162,900 in October 2024, up 0.2% from last year, and the median price per square foot was $112.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $116K | $35K | -69.8% |
| 2 Bedrooms | $125K | $113K | -9.6% |
| 3 Bedrooms | $155K | $162.9K | +5.1% |
| 4 Bedrooms | $230K | $243K | +5.7% |
| 5+ Bedrooms | $290.5K | $282K | -2.9% |
Summary: Albert Lea housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 69.8%, 2 bedroom homes decreased by 9.6%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes decreased by 2.9%.
Median Sold Price Compared To Nearby Cities
| Albert Lea | $162.6K | $162.9K | 0.2% |
| Albert Lea Township | $163.6K | $162.9K | -0.5% |
Housing Supply in Albert Lea, MN
How many homes are available in Albert Lea, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 107 | 108 | +0.9% |
Summary: The Albert Lea real estate market had 108 homes for sale in October 2024, a 0.9% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 23 | 24 | +4.3% |
| 3 Bedrooms | 47 | 45 | -4.3% |
| 4 Bedrooms | 29 | 30 | +3.4% |
| 5+ Bedrooms | 7 | 7 | 0.0% |
Summary: The Albert Lea housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 4.3%, 3 bedroom homes decreased by 4.3%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 20 | 20 | 0.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Albert Lea, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 20 homes were sold or pending in Albert Lea in October 2024, the same as the previous month. Of the 20 sold homes, 60% were sold under asking, 25% were sold at asking, and 15% were sold over asking.
Days on Market for Albert Lea, MN
How long does it take to sell a home in Albert Lea, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 53 Days | 30 Days | -42.4% |
Summary: Homes in Albert Lea had an average of 30 days on market in Oct 2024, down by 42.4% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Albert Lea are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 20 homes were sold in Albert Lea; 70% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
